KARACHI: Gold and silver prices rebounded on Tuesday in both international and domestic markets after a brief three-day lull, reflecting renewed buying interest following recent sharp declines.
In the global bullion market, gold prices surged by $240 per ounce to $4,916. Spot gold was trading 5.8% higher at $4,935.56 an ounce by 0818 GMT, recovering from Monday’s low of $4,403.24. The metal had reached a record peak of $5,594.82 earlier before entering a correction phase.
In Pakistan’s local market, gold prices posted strong gains. The price of gold per tola rose by Rs24,000 to reach Rs514,362, while the rate for 10 grams increased by Rs20,576 to Rs440,982.
Silver prices also registered notable recovery. The per-tola silver rate climbed by Rs741 to Rs9,146, and the price of 10 grams rose by Rs636 to Rs7,841. Internationally, silver gained 10% to $87.40 an ounce after suffering a historic 27% single-day drop last Friday, followed by a further 6% decline on Monday.
Among other precious metals, platinum advanced 5.7% to $2,242.55 per ounce after touching a record high of $2,918.80 on January 26. Palladium also moved higher, rising 5.3% to $1,811.39 per ounce.
Earlier this week, gold prices in Pakistan had fallen sharply below the Rs500,000 mark, mirroring heavy losses in global markets. The downturn was attributed to higher margin requirements imposed by the CME Group and shifting expectations around interest rates following the nomination of Kevin Warsh as the next chair of the US Federal Reserve.
On Monday, the price of gold per tola dropped by Rs21,500 to Rs490,362, while the 10-gram rate declined by Rs18,433 to Rs420,406, according to the All-Pakistan Gems and Jewellers Sarafa Association. The fall followed another steep correction on January 31, when gold lost Rs25,500 per tola in a single session, highlighting continued volatility in the bullion market.
Silver prices had also remained under pressure during the selloff, with the per-tola rate falling by Rs601 to Rs8,405 before rebounding on Tuesday.
