Gold, silver wave in global turmoil. The price of the local yellow metal soars to Rs 9,200/tola
At current prices, the looted gold is worth about $70 million. PHOTO: PIXABAY
KARACHI:
Gold prices in Pakistan rebounded significantly on Monday, buoyed by strong gains in the international gold market amid heightened geopolitical tensions following a dramatic event in which the US launched airstrikes in Venezuela and kidnapped President Nicolas Maduro. As a result, there has been increased demand for safe-haven assets such as gold, which has positively impacted the investment sentiment in the market.
According to the prices published by the Sarafa Association of Gems and Jewelers of Pakistan, gold price per tola increased by Rs 9,200 to Rs 464,762. Similarly, the price of 10 grams of gold increased by Rs 7,888 to Rs 398,458. The rally followed a fall on Saturday when gold fell by Rs 4,700 to close at Rs 455,562 per tola.
Silver prices also extended their rally, with the price per tola rising by Rs 267 to Rs 8,023, hitting a fresh all-time high in the domestic market.
Internationally, spot gold climbed 2.9 percent to $4,453.22 an ounce by 10:10 a.m. ET (1510 GMT), after touching its highest level since Dec. 29. Gold had earlier climbed to a record high of $4,549.71 an ounce on Dec. 26, according to Reuters.
Reports of U.S. intervention linked to Venezuela’s oil sector, combined with President Donald Trump’s warning of further strikes if Caracas resists the U.S. oil industry’s plans, heightened investor attention. At the same time, expectations of possible rate cuts by the US Federal Reserve and expectations ahead of key non-farm payrolls data due later this week continued to weigh on market position.
Commenting on the trend, Adnan Agar, director of Interactive Commodities, said gold prices remained steadily on the rise. “The market low was around $4,370, while the high was near $4,455. There was strong support for gold around $4,250, which was not broken, indicating that the market is moving higher,” he noted.
Agar added that other precious metals also moved higher during the session. Both silver and platinum rose during Monday’s trading. “The upcoming US non-farm payrolls data on Friday will be critical. If the data supports gold, prices could rise further; otherwise, there could be some correction,” Agar said.
Looking ahead, Agar expects gold prices to stabilize in the near future. By the start of the new year, within the next 15 to 20 days, or possibly up to a month or a month and a half, gold may be trading between $4,100 and $4,500. “However, given rapidly changing geopolitical developments and incoming US data, the market remains highly unpredictable and will react accordingly,” he warned. Meanwhile, the Pakistan rupee moved slightly higher against the US dollar on Monday to close at 280.10 in the interbank market, up by Rs0.01. The local currency started 2026 on a positive note, gaining Rs 0.06 last week, according to the State Bank of Pakistan. Globally, the dollar strengthened as markets focused on upcoming US economic data that will guide Federal Reserve policy.
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