Gold prices see increase in Pakistan, globally

Gold prices saw a continued upward trend on Tuesday, both in international and local markets.

Internationally, the price of gold rose by $10 per ounce, reaching $2,642.

Meanwhile, in local markets, the price of 24-carat gold increased by Rs 1,000, reaching Rs 276,000 per tola. The price of 10 grams of 24-carat gold also rose by Rs 857, settling at Rs 236,625.

In contrast, the price of silver remained stable, with the cost of one tola of silver staying at Rs 3,350 and the price of 10 grams of silver remaining at Rs 2,872.08.

Globally, the rise in gold prices was driven by a weaker U.S. dollar, which has been influenced by uncertainty surrounding President-elect Donald Trump's tariff plans.

Additionally, the support for gold came from China’s central bank, which added to its gold reserves for the second consecutive month.

As of 1005 GMT, spot gold had gained 0.3%, reaching $2,642.32 per ounce, while U.S. gold futures rose 0.2%, reaching $2,653.60.

Gold prices in 2024 saw a notable increase of approximately 27%, driven largely by strong central bank purchases and the Federal Reserve's rate cuts.

Other precious metals also saw gains, with spot silver rising 0.8% to $30.18 per ounce, platinum increasing 1.7% to $948.95, and palladium advancing 0.7% to $926.58.