Gold prices staged a recovery in Pakistan on Saturday, snapping a five-day losing streak that had seen the precious metal shed more than Rs15,000 per tola over the course of a single week .
According to rates issued by the All-Pakistan Sarafa Gems and Jewellers Association (APGJSA), the price of 24-karat gold per tola increased by Rs2,300 to settle at Rs493,162, up from Friday’s closing of Rs490,862 . Similarly, the price of 10 grams of 24-karat gold rose by Rs1,971 to Rs422,806 .
The local recovery tracked a rebound in the international bullion market, where gold prices increased by $23 per ounce to reach $4,708 .
The rebound came after a tumultuous week for the yellow metal. On April 23, gold prices had plunged by Rs5,200 per tola—one of the steepest single-day drops in recent months—bringing the rate down to Rs493,762 . Earlier in the week, on April 21, gold had crossed the Rs500,000 mark at Rs500,162 per tola .
Analysts attributed Saturday’s recovery to growing optimism surrounding the resumption of US-Iran peace talks in Islamabad . Hopes for a diplomatic breakthrough eased some of the geopolitical uncertainty that had been driving extreme volatility in commodity markets.
Silver also joined the upward trend, with per tola prices rising by Rs92 to reach Rs8,049 . In the international market, silver increased by $0.92 to $75.65 per ounce .
The APGJSA data showed 22-karat gold was priced at Rs452,925 per tola, while 21-karat and 18-karat stood at Rs432,337 and Rs370,575 respectively
