Gold prices surged again on Wednesday, both globally and in Pakistan, reversing the slight dip observed earlier this week. The fresh upward movement reflects the ongoing uncertainty and volatility in precious metal markets.
In the international bullion market, gold gained USD 13 per ounce, hitting USD 3,366. This uptick influenced local gold prices across Pakistan, which saw significant increases.
In major cities, the price of 24-karat gold per tola rose by Rs1,300, reaching Rs359,300, while the rate for 10 grams increased by Rs1,114, settling at Rs308,041.
The silver market mirrored this trend:
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Silver per tola climbed by Rs39 to Rs4,010
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10 grams of silver rose by Rs33 to Rs3,437
Despite the rise, fluctuations persisted in real-time trading. As of 0904 GMT, spot gold had dipped 0.4% to $3,366.81 per ounce, after reaching a near two-week high the previous day. US gold futures also dropped 0.4% to $3,420.90, signaling mixed investor sentiment.
Other precious metals saw mixed results:
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Silver fell 0.1% to $37.80 per ounce
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Platinum rose 0.5% to $1,327.93
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Palladium decreased slightly by 0.1% to $1,174.34
Experts suggest that bullion prices could remain unstable in the near future, driven by factors like global inflation fears, currency shifts, and geopolitical tensions.