KARACHI: Gold prices in Pakistan rose on Monday, gaining Rs1,400 per tola after falling for five consecutive days to a five-month low, according to the All Pakistan Sarafa Association.
The price of gold increased by Rs1,400 per tola to Rs423,436, compared with Rs422,036 recorded in the previous session.
Similarly, the price of 10 grammes of gold rose by Rs1,201 to Rs363,028 from Rs361,686.
The increase followed a sustained decline in domestic gold prices, which had fallen by Rs2,500 per tola on Saturday, extending a losing streak that had pushed rates to their lowest level in five months.
In the international market, gold prices had dropped by $25 per ounce to $3,995 on Saturday, slipping below the psychologically significant $4,000 mark.
The latest recovery in local prices comes after several consecutive sessions of losses, although the direction of international prices and movements in the rupee-dollar exchange rate will remain key factors influencing the domestic bullion market.
Gold prices in Pakistan generally move in line with international bullion rates, while fluctuations in the exchange rate also affect the cost of the precious metal in the local market.
Globally, gold prices are influenced by movements in the US dollar, interest rate expectations, geopolitical tensions, economic uncertainty and investor demand for safe-haven assets.
Investors often turn to gold during periods of heightened economic or political uncertainty, supporting prices. Conversely, a stronger US dollar or changing expectations about interest rates can weigh on the metal by making it more expensive for holders of other currencies and reducing the relative appeal of non-yielding assets such as gold.
The latest increase partially reversed the previous session’s decline, but gold prices remained close to the five-month low reached during the recent sell-off.
Silver prices in the local market had also edged lower on Saturday, with the price falling by Rs7 per tola to Rs5,858.
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