Islamabad: Gold prices in Pakistan rebounded after a two-week decline, rising by Rs1,900 per tola due to an increase in international prices driven by a weaker dollar and geopolitical tensions. The price for a tola of 24-karat gold reached Rs215,100, while 10 grams of 24-karat gold closed the week at Rs184,414. Similarly, the price for 10 grams of 22-karat gold surged to Rs169,046.
The global market also saw an increase in gold prices, with the precious metal closing the week at $2,035.30 per ounce, reflecting a 1.1 percent gain from the previous week. The relationship between gold rates in Pakistan and the global market is evident, as fluctuations in gold prices are influenced by changes in the value of the US dollar.
Despite the US dollar weakening last week, gold failed to capitalize on the downward pressure. The Federal Reserve’s minutes from the January policy meeting indicated a cautious approach towards interest rate policy, with officials acknowledging the risks of moving too quickly. Fed Governor Christopher Waller emphasized the need to see further evidence of inflation cooling before considering a rate cut, highlighting the careful balance between economic growth and inflation control.
The weekend saw subdued market reactions, with gold remaining within its weekly range. The complex interplay between global economic factors and local gold markets underscores the importance of staying informed about both international developments and domestic trends for investors and traders in the precious metals market.
