KARACHI – Gold broke its three-day losing streak in Pakistan’s domestic market on Friday, showing a strong recovery.
According to the All Pakistan Gems and Jewellers Association, the price of per tola gold surged by Rs3,000 to settle at Rs444,462. Similarly, the price of 10 grams of gold increased by Rs2,358, reaching Rs381,054.
The global market also witnessed a rise in gold prices, with the precious metal gaining $30 and trading at $4,221 per ounce. Experts said the rebound comes after a temporary slump due to declining international prices the day before.
On Thursday, the price of 24-karat gold had fallen by Rs1,700 per tola to Rs441,462, while 10 grams dropped by Rs1,457 to Rs378,482. The 22-karat gold price also declined by Rs1,336 per 10 grams, settling at Rs346,954.
The local gold market’s recovery is supported by stable global trends and investor interest in the safe-haven asset amid economic uncertainties. Analysts noted that gold remains a preferred investment during periods of currency fluctuation and financial instability.
Meanwhile, Pakistan’s economy received a crucial boost as Saudi Arabia extended a $3 billion deposit with the State Bank of Pakistan for another year. Originally provided in 2021 by the Saudi Development Fund, this deposit has been a cornerstone of Pakistan’s foreign reserves.
The extension alleviates pressure on Pakistan’s foreign reserves, providing relief to the struggling economy. Economic experts said the move signals continued Saudi support, helping stabilize financial markets and boosting investor confidence.
Overall, the rebound in gold prices, combined with strengthened foreign reserves, offers a positive outlook for Pakistan’s financial stability. Investors are closely watching trends, expecting gold to maintain its safe-haven status amid ongoing economic challenges.
In other news read more about Gold Prices Fall Sharply in Pakistan as Rates Drop by Rs1,700 per Tola
This recovery highlights gold’s enduring role as a hedge against uncertainty, both in domestic and global markets, reassuring traders and investors alike.
