At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
Gold and silver prices increased on Saturday in both global and local markets after a six-day pause, driven by a rise in international bullion rates.
In the international bullion market, gold gained $18 per ounce, reaching $4,113. Following the global trend, the price of 24-carat gold in local markets rose by Rs1,800 per tola, bringing it to Rs433,662, while the price of 10 grams increased by Rs1,543 to Rs371,795.
Similarly, silver prices also rose, with the rate per tola increasing by Rs57 to Rs5,124, and 10 grams climbing by Rs49 to Rs4,393.
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Traders attributed the increase to fluctuations in the global bullion market, which directly influenced domestic precious metal rates.
On Friday, gold prices continued their downward trajectory, mirroring trends in the international market, where the precious metal struggled to recover despite slightly softer-than-expected US inflation data that bolstered expectations of a Federal Reserve rate cut next week.
According to the rates issued by the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola fell by Rs2,000, settling at Rs431,862, while the price of 10 grams declined by Rs1,714 to Rs370,252.
Read more: Gold prices drop sharply in Pakistan following global decline
The fall marks the first weekly loss in nearly 10 weeks as global investors adjusted their positions ahead of next week’s US monetary policy announcement.
On Thursday, the yellow metal had already recorded a sharp drop of Rs3,500 per tola, bringing local prices down from recent highs.
The consistent downward pressure reflects international market sentiment, where gold has been trading in a narrow band after heavy profit-taking earlier in the week.
