Gold and silver prices see modest gains locally, globally

Gold and silver prices increased in local markets on Friday after a surge in the international bullion market. The price of gold per ounce rose by $30, reaching $4,753. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), in the local market, the price of gold per tola increased by Rs3,000 to Rs497,662, while the price per 10 grams rose by Rs2,572 to Rs426,664. Meanwhile, silver prices also saw an increase, with the per tola rate rising by Rs130 to Rs8,014. Similarly, the price of silver per 10 grams increased by Rs111 to Rs6,870. Spot gold inched 0.2% lower to $4,752.67 per ounce by 0720 GMT. However, the metal has gained 1.6% so far this week. US gold futures for June delivery fell 0.9% to $4,776.60 on Friday. Among other metals, spot silver rose 0.5% to $75.48 per ounce, platinum lost 2.5% to $2,049.84, and palladium fell 0.3% to $1,552.59. Read: SBP reserves rise $19m to $16.4b Earlier on Thursday, gold prices in Pakistan declined sharply, even as international bullion markets posted gains of over 1% amid a weaker US dollar and heightened geopolitical uncertainty. In the local market, the price of gold per tola fell by Rs9,500 to settle at Rs494,662. Similarly, the price of 10 grams of gold dropped by Rs8,145 to Rs424,092, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association. The decline comes a day after gold surged significantly, with the per-tola rate reaching Rs504,162 on Wednesday following a jump of Rs15,700. Meanwhile, silver prices also followed a downward trend in the domestic market, decreasing by Rs300 to Rs7,884 per tola. In contrast to the local trend, international gold prices moved higher, supported by a softer US dollar and safe-haven demand driven by geopolitical tensions. Spot gold rose around 1.7% to $4,796.50 per ounce, after touching a near three-week high in the previous session, while US gold futures gained 1% to $4,823.