Gold price in Pakistan made a notable recovery today, ending a two-day streak of significant losses. The price of 24-karat gold, the benchmark of Pakistan’s bullion market, climbed by Rs1,600 per tola, reaching Rs275,900.
Globally, gold prices also showed an upward trend, with spot gold trading at $2,647 per ounce, an increase of $15 or 0.57% compared to the previous session. This rise comes as global investors analyze the latest Federal Open Market Committee (FOMC) minutes and anticipate upcoming U.S. economic data for clues about the Federal Reserve’s future monetary policies.
Overview of Local Gold Prices
Over the past two days, gold prices in Pakistan saw a sharp decline, losing Rs8,600 per tola, equating to a 3.04% drop. However, today’s gains provided some relief for traders and investors in the local market.
- 24-karat Gold: Rs236,540 per 10-gram, with an increase of Rs1,372.
- 22-karat Gold: Rs216,828 per 10-gram, reflecting a proportional increase.
The data, sourced from the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), highlights these positive changes in the local bullion market.
Silver Prices Hold Steady
While gold experienced fluctuations, silver prices remained stable in the domestic market. The rate for 24-karat silver stood at Rs3,400 per tola and Rs2,915 per 10-gram.
Global Factors Influencing Gold Prices
The recent uptick in international gold prices can be attributed to several factors:
- FOMC Minutes Analysis: Investors are interpreting Federal Reserve discussions to predict potential policy shifts.
- Upcoming U.S. Data: Market participants await crucial economic indicators for further clarity on inflation and interest rates.
These elements often have a direct impact on local gold prices, underscoring the interconnected nature of global markets.
PKR Gold and Silver Trends
Here’s a summary of recent trends in gold and silver prices:
| Commodity | Nov 27, 2024 | Nov 26, 2024 | Change (DoD) | 1-Month | FYTD | CYTD |
|---|---|---|---|---|---|---|
| Gold (Rs per tola) | Rs275,900 | Rs274,300 | Rs1,600 | -7,500 | 34,200 | 55,900 |
| Silver (Rs per tola) | Rs3,400 | Rs3,400 | 0 | 50 | 550 | 720 |
Conclusion
The rebound in gold prices offers a glimmer of hope for traders, reversing part of the recent losses. The stability in silver prices provides an additional sense of market calmness. As global markets remain dynamic, keeping a close watch on both international and domestic trends is crucial for investors.
For more detailed updates on gold prices, visit our Daily Gold Updates section. To explore broader financial insights, check out Daily Gold Signal.
