Gold prices rose in Pakistan on Friday, following gains in international bullion markets as the US dollar weakened. Rates issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed the increase in the domestic market.
Local gold and silver rates climb on Friday
According to the association, the price of 24-karat gold rose by Rs2,800 per tola to Rs440,636. Per 10 grams, the same gold gained Rs2,401 to reach Rs377,774.
- International gold: up $28 to $4,181 per ounce
- Silver in Pakistan: up Rs108 per tola to Rs6,256
Investors watch Middle East tensions and US data
International investors remained focused on developments in the Middle East and upcoming US economic indicators. They are looking for clues about future interest rate decisions by the Federal Reserve.
Gold is traditionally seen as a hedge against inflation and a safe-haven asset during periods of economic and geopolitical uncertainty. A weaker dollar can also make the metal more affordable for holders of other currencies, which may support demand.
Wider markets rise as dollar heads for weekly fall
European stocks rose on Friday as markets stabilised after a sharp technology-led sell-off, while the dollar was on course for a weekly decline. Asian stocks mostly advanced, and bond markets steadied.
In Indonesia, equities suffered their steepest decline since 1998 after index provider MSCI said the country no longer qualified for emerging-market status. MSCI also outlined plans to remove it from key indexes tracked by investment funds.
A senior Citi banker said governments and state-owned entities are increasingly turning to non-dollar bonds as competition for capital pushes up borrowing costs. Stephanie von Friedeburg, Citi’s global head of its public sector group, said the trend reflected growing interest in alternative funding markets.
