KARACHI: Gold and silver prices continued their upward momentum on Wednesday, posting strong gains in both international and domestic markets amid heightened volatility in global bullion trading.
In the international market, gold prices surged by $148 per ounce to settle at $5,064. The sharp rise was mirrored in Pakistan’s local market, where the price of gold per tola jumped by Rs14,800 to reach Rs529,162. Similarly, the price of 10 grams of gold increased by Rs12,689 to Rs453,671.
Silver prices also moved higher. In the local market, silver per tola rose by Rs109 to Rs9,255, while the price of 10 grams increased by Rs93 to Rs7,934.
Globally, spot gold climbed 2.8% to $5,076.01 per ounce by 0655 GMT, following a massive 5.9% surge on Tuesday — its biggest single-day gain since November 2008. Gold had earlier touched a record high of $5,594.82 last Thursday.
US gold futures for April delivery also advanced, gaining 3.3% to trade at $5,097.20 per ounce.
Spot silver rose 5% to $89.38 per ounce. The metal had recently hit a record high of $121.64 on Thursday before sliding to a one-month low of $71.33 on Monday, after experiencing a sharp 27% single-session decline last Friday.
Other precious metals also recorded gains, with spot platinum rising 4.2% to $2,302.56 per ounce, while palladium increased by 3.5% to $1,794.15.
Earlier this week, gold prices rebounded strongly after several sessions of steep declines that had unsettled investors. On Tuesday, the price of gold per tola in the local market surged by Rs24,000 to settle at Rs514,362, while the price of 10-gram gold rose by Rs20,576 to Rs440,982, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association.
The rebound followed a sharp fall on Monday, when gold per tola dropped by Rs21,500 to Rs490,362. Over the preceding three sessions, gold had cumulatively lost Rs85,500 per tola, reflecting extreme fluctuations in global bullion markets.
