Gold prices in Pakistan increased on Tuesday in line with their rise in the international market. In the local market, gold price per tola reached Rs344,200 after it gained Rs3,700 during the day.
As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA),10-gram gold was sold at Rs295,096, after it registered an increase of Rs3,173.
On Monday, gold price per tola reached Rs340,500 after it lost Rs10,400.
Moreover, the international rate of gold also increased on Tuesday. As per APGJSA, the rate was at $3,258 per ounce (with a premium of $20), an increase of $37 during the day.
Furthermore, silver price per tola increased Rs71 to reach Rs2,985.
Internationally, gold recovered on Tuesday on bargain-hunting after prices dropped to a more than one-week low in the previous session as a temporary US-China truce in reciprocal tariffs lifted appetite for riskier assets and dented bullion’s safe-haven appeal.
Spot gold rose 0.5% to $3,250.50 an ounce, as of 0458 GMT.
Bullion recorded a 2.7% decline in the previous session.
US gold futures were up 0.9% to $3,255.30. After two days of negotiations in Geneva, US and China announced tariff reductions for the next three months, with US tariffs on Chinese imports dropping from 145% to 30% and Chinese duties on US imports falling to 10% from 125%, leading to a surge in global shares.
The US and China had imposed tit-for-tat tariffs on each other last month, triggering a trade war.
“There is some value-buying happening on gold at current levels which is helping to prop up the price, despite the generally better outlook for global growth with the US and China on better terms,” said KCM Trade Chief Market Analyst Tim Waterer.
“The consolidation move in the dollar has allowed the gold price to make a mild push higher.”
Federal Reserve Governor Adriana Kugler said the pause on import levies reduces chances that the US central bank will need to lower interest rates in response to an economic slowdown.
