Gold prices rise in international and local markets after a pause of four days. The increase reflects stronger demand in the bullion market and higher rates for both gold and silver.
In the global market, Gold prices rise as the value of gold per ounce increased by 61 dollars. The new international rate reached 5,171 dollars per ounce. Market analysts say the rise followed renewed buying activity in global bullion trading.
The increase in global prices also affected domestic markets in Pakistan. As a result, Gold prices rise in the local bullion market as well.
According to market data, the price of gold per tola increased by Rs6,100. After the increase, the new price reached Rs539,862 per tola.
Similarly, the price of 10 grams of gold also moved upward. It increased by Rs5,230 and reached Rs462,844 in the local market.
Silver prices also showed a slight rise on the same day. The price of silver per tola increased by Rs17 and reached Rs8,931. Meanwhile, the price of 10 grams of silver rose by Rs14, reaching Rs7,656.
Bullion traders say the rise in international prices often influences domestic markets. When global prices move up, local gold rates usually follow the same trend.
Meanwhile, financial developments also took place in Pakistan’s banking sector. The State Bank of Pakistan injected a large amount of liquidity into the financial system.
The central bank added Rs1.91 trillion to the banking market through Open Market Operations (OMO). This move aimed to ease short-term liquidity pressure.
Under the conventional OMO, the central bank injected Rs1.53 trillion. Market participants offered the same amount, and the bank accepted the full bids.
Out of this amount, Rs163.5 billion was provided for seven days at a rate of 10.54 percent. Another Rs1.364 trillion was injected for 21 days at a rate of 10.52 percent. The realised value of accepted bids stood at Rs1.48 trillion.
In addition, the central bank carried out a Shariah-compliant operation. This was done through a Mudarabah-based OMO facility.
Through this operation, the central bank injected Rs380.05 billion. Banks had offered Rs480 billion in total for this facility.
For the seven-day Islamic OMO, banks submitted bids worth Rs460 billion. The central bank accepted Rs360.05 billion at a rate of 10.55 percent.
Officials said strong participation came from Islamic banking institutions. For the 21-day operation, the central bank accepted the full Rs20 billion offered by banks.
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Analysts say financial stability measures and global trends often influence the bullion market. As international demand changes, Gold prices rise or fall in both global and local markets.
