Pakistan's Gold Prices Surge Despite Global Weekly Loss

Gold prices in Pakistan surged by Rs4,700 per tola on Friday to reach Rs453,036, despite a global weekly loss. The price of 24-karat gold increased significantly, while silver prices also moved higher, gaining Rs126 to reach Rs6,963 per tola.

The increase in domestic gold prices came despite continued pressure on international bullion markets. Spot gold was trading around $4,275 per ounce on Friday and remained on track for a weekly decline as investors assessed persistent inflationary concerns, rising US Treasury yields, and expectations of tighter Federal Reserve monetary policy.

According to Adnan Agar, Director at Interactive Commodities, gold remains under pressure and is trading around the $4,270-$4,275 level. He identified the $4,200-$4,250 area as a strong support zone, saying gold has bounced from these levels but remains in a vulnerable position.

The Pakistani rupee extended its marginal gains against the US dollar in the inter-bank market, closing at 277.16, up Rs0.01 from Thursday's settlement at 277.17.