KARACHI: Gold prices staged a strong recovery in the local market on Tuesday, rising by Rs16,300 per tola after a steep decline in the previous session, as international bullion markets also rebounded.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-carat gold increased to Rs464,062 per tola. The rate for 10 grams climbed by Rs13,975 to Rs397,858.The recovery follows a highly volatile trend in recent days. On Monday, gold prices had plunged by Rs43,600 per tola, reflecting a sharp drop in global markets. However, international prices bounced back on Tuesday, gaining $163 per ounce to reach $4,413, after having fallen by $436 in the previous session.
Bullion dealers said the local market closely mirrors international movements, with domestic prices typically adjusted at a premium of around $20 per ounce. This premium reflects exchange rate fluctuations, import costs and overall market dynamics in Pakistan.
Traders attributed the sharp swings to ongoing uncertainty in global markets, where investors are rapidly shifting positions in response to changing economic signals and geopolitical developments. The recent fall had triggered buying at lower levels, helping prices recover quickly.
Silver prices also moved higher alongside gold. The metal rose by Rs570 to Rs7,454 per tola, while the 10-gram silver rate increased by Rs489 to Rs6,390.Market participants said such volatility is likely to persist, as bullion remains sensitive to international price movements, currency trends and investor sentiment. While the rebound offers some relief after Monday’s steep losses, traders expect continued fluctuations in the near term.
