KARACHI: Gold prices rose sharply for the second consecutive day in Pakistan on Friday, September 4, in line with an upward trend in international bullion prices amid continued geopolitical uncertainty.
According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold increased by Rs3,900 per tola to Rs469,136 from Rs465,236 on the previous trading day.
Similarly, the price of 24-karat gold per 10 grams rose by Rs3,344 to Rs402,208 from Rs398,864.
In the international market, gold prices increased by $39 per ounce to $4,466 from $4,427, according to the association.
The price of silver also increased by Rs117 per tola, rising to Rs7,161 from Rs7,044.
Gold rates have increased by Rs15,100 per tola and Rs12,946 per 10 grams over the past two days, according to the association.
Investors continued to closely monitor developments in the Middle East amid ongoing tensions and diplomatic efforts to reach a lasting resolution to the conflict in the Gulf.
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The United States struck Iranian military targets near the Strait of Hormuz, while Tehran said it had targeted US assets across the region.
Brent crude climbed to a nearly one-and-a-half-month high of $97.62 a barrel, adding to concerns over inflation.
Gold was on track for a modest weekly gain as investors scaled back expectations of a September interest-rate hike ahead of US nonfarm payrolls data, which could provide further insight into the Federal Reserve’s policy path.
Bullion prices had rebounded from a three-week low hit on Wednesday, receiving a further boost from comments by Federal Reserve Governor Christopher Waller.
“There is a sense of refreshed optimism among gold investors just now, almost as if the market is looking for excuses to move higher,” independent analyst Ross Norman said.
