Gold Nears Rs477,000 per Tola in Pakistan
The Sarafa Association reported that silver prices gained Rs210 per tola, reaching Rs7,379
Gold and silver prices climbed sharply in Pakistan and international markets on Friday, with gold posting another strong weekly gain amid a weaker U.S. dollar and shifting expectations over Federal Reserve policy.
In the international market, spot gold rose $52 per ounce to $4,547, while gold prices in Pakistan jumped Rs5,200 per tola to Rs477,136. The price of 10 grams of gold also increased by Rs4,458 to Rs409,067, according to market data.
Meanwhile, the Sarafa Association reported that silver prices gained Rs210 per tola, reaching Rs7,379.
Internationally, spot gold was up around 0.4% at $4,537.41 per ounce, while U.S. gold futures gained 0.5% to $4,593.90. Gold was on track for its third consecutive weekly gain, rising about 3.6% during the week.
Analysts said a weakening U.S. dollar has provided fresh support to precious metals by making dollar-priced bullion cheaper for overseas buyers.
Reuters said the rally also comes after the U.S. Treasury announced plans to increase its buybacks of longer-dated Treasury securities. Treasury Secretary Scott Bessent indicated that the government could further expand the repurchase program.
Market participants are closely watching the Federal Reserve’s next policy move. Traders are currently pricing in a 63% probability of interest rates remaining unchanged next month, while the chance of a rate hike stands at 37%, according to the CME FedWatch Tool.
Higher interest rates generally weigh on gold because the precious metal does not generate interest or other yield. However, expectations surrounding monetary policy, currency movements and geopolitical tensions continue to influence bullion prices.
On the geopolitical front, Bessent said the United States would impose “the toughest sanctions in history” on Iran, adding another potential source of uncertainty for global markets.
Other precious metals also advanced. Spot silver rose 1.3% to $68.93 an ounce, platinum gained 2% to $1,865.29, and palladium increased 0.8% to $1,344.44. All three metals were headed for weekly gains.
With the dollar weakening and investors closely monitoring U.S. monetary policy and geopolitical developments, precious metals remain firmly in the spotlight, keeping gold prices near record-high territory in both global and Pakistani markets.
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