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At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
KARACHI:
Gold prices in Pakistan recorded a significant rise on Wednesday, driven by persistent global uncertainties and cautious investor sentiment ahead of key international developments.
According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold surged by Rs3,500 per tola, reaching Rs419,862. Similarly, the rate for 10 grams of 24-karat gold rose by Rs3,000 to Rs359,963, while 10 grams of 22-karat gold climbed by Rs2,751 to Rs329,978.
The upward movement in local bullion prices reflected global trends, as gold gained $35 in the international market to settle at $3,975 per ounce. The rally in precious metals persisted as investors sought safe-haven assets amid heightened geopolitical tensions and awaited key policy cues from the US Federal Reserve.
Silver prices also advanced, with 24-karat silver rising by Rs110 to Rs5,034 per tola.
On the currency front, the Pakistani rupee remained stable against the US dollar, showing a negligible change in the inter-bank market. The State Bank of Pakistan (SBP) reported the rupee at 280.96 against the dollar, almost unchanged from the previous day’s rate of 280.97. This stability reflected a balanced foreign exchange market amid ongoing economic developments.
While the rupee held firm, gold and silver prices continued their upward trajectory, underscoring sustained demand for safe-haven assets in the face of global economic uncertainty.
