Gold prices experienced a jump in local markets throughout Pakistan on Monday, driven by an upward trend in international bullion prices. The price of gold per ounce on the global market increased by $5, settling at $2,708.
Consequently, the price of 24-carat gold per tola in Pakistan’s local markets rose by Rs 500, reaching a new price of Rs 282,900. Similarly, the price of 10 grams of 24-carat gold saw an increase of Rs 429, hitting Rs 242,541.
However, unlike gold, the price of silver in the local market saw a decline. The price per tola of silver dropped by Rs 9, settling at Rs 3,372. The price of 10 grams of silver also decreased by Rs 8, reaching Rs 2,890.
Internationally, gold prices strengthened on Monday, bolstered by a weaker US dollar. Market attention is on the upcoming inauguration speech of the current presidential candidate later in the day, with investors looking for clues on potential policy impacts on the economy and future interest rate adjustments.
Spot gold saw a slight increase of 0.1%, reaching $2,704.85 per ounce as of 0924 GMT.
There has been discussion about potential tariffs on imports from different regions and on a global scale. A major investment bank noted in a recent report that, “Gold’s status as a financial asset makes it likely exempt from broad-based tariffs, and we therefore assign a 10% probability to a 10% effective tariff on gold being introduced within the next 12 months.”
Bullion reached its highest point since December 12, 2024, last week, following data indicating cooler core inflation, dovish remarks from a Fed Governor, and reports suggesting a gradual approach to tariff implementations. These factors have led traders to anticipate two rate cuts this year, up from an earlier expectation of just one.
Meanwhile, spot silver experienced a slight decrease of 0.2%, settling at $30.29 per ounce. Palladium saw a drop of 0.7%, reaching $936.35, and platinum declined by 0.6%, settling at $942.25.