KARACHI:
Gold prices in Pakistan remained on an upward trajectory on Tuesday, tracking gains in the international market, where bullion strengthened as investors weighed developments in the Middle East alongside upcoming US macroeconomic data that could shape rate expectations.
In the local market, the price of gold per tola touched Rs476,362, registering an increase of Rs4,600 during the day, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the price of 10-gram gold climbed to Rs408,403, up Rs3,944. A day earlier, gold had slipped to Rs471,762 per tola after a decline of Rs4,400, reflecting persistent volatility in global bullion markets.
In international trading, spot gold rose 0.5% to $4,504.36 per ounce as of 1516 GMT, after briefly falling as much as 2% in the previous session, according to Reuters. US gold futures gained 0.6% to $4,534, indicating renewed safe-haven demand despite intermittent profit-taking. Silver prices in Pakistan also moved higher, increasing by Rs94 to Rs8,153 per tola, mirroring broader strength across precious metals. Globally, silver and platinum both gained more than 1%. Market participants said gold continues to be driven by geopolitical uncertainty, particularly in the Middle East, where shifting signals around potential diplomatic engagement between Iran and the US have created sharp intra-day volatility.
According to Interactive Commodities’ Director Adnan Agar, gold touched an intra-day high of $4,540 and a low of $4,460, before stabilising near $4,490. He noted that the metal remains technically fragile in the short term.
“If the market breaks below the $4,400 level, it could move towards the $4,200-4,100 range before attempting a rebound,” he said, adding that any escalation in conflict or breakdown in diplomatic talks could quickly reverse the downside momentum.
Broader market direction, analysts say, will depend on the interplay between oil prices, US bond yields, and the dollar index – all of which remain sensitive to Middle East developments. Gold market trajectory “depends on the direction of oil prices, bond yields, and the US dollar – all of that, in turn, is tied to the Middle East situation,” said Fawad Razaqzada, market analyst at Forex.com. Upcoming US employment figures due on Friday, alongside central bank policy signals, are expected to add further volatility.
Meanwhile, reports suggesting Iran is reviewing a potential deal to halt hostilities, combined with downward revisions in some year-end gold forecasts by global banks such as Commerzbank, have added to uncertainty in bullion sentiment. The rupee appreciated marginally on Tuesday, closing at 278.46, up Rs0.01 from the previous day’s close at 278.47.
