KARACHI: Gold prices in Pakistan edged higher on Monday, largely in line with a stable trend in international markets, as investors weighed the implications of the escalating US-Iran tensions that lifted energy prices and caused uncertainty about the outlook for US rates. According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola reached Rs424,536, reflecting a slight rise of Rs300. Similarly, the 10-gram gold was sold at Rs363,971 after an increase of Rs258. The uptick comes after a significant surge on Saturday, when gold per tola climbed Rs2,400. The domestic rally occurred despite modest movements in global bullion prices. Spot gold slipped 0.1% to $4,014.39 per ounce as of 11:47 am EDT (1547 GMT), while US gold futures for August delivery held steady at $4,019, as per Reuters. The slight international softness was attributed to a firmer US dollar and rising Treasury yields, which made bullion less attractive for overseas buyers. The benchmark 10-year US Treasury note saw yields rise 0.5%, while the dollar advanced 0.3%. Geopolitical developments in the Middle East continued to influence market sentiment. Web Desk
\nThe ongoing US-Iran conflict has raised concerns over potential disruptions to energy supplies, supporting commodity prices more broadly. In a related development, Yemen\u2019s Houthis announced that they would impose a naval blockade against Saudi Arabia, further clouding the regional outlook. Meanwhile, Federal Reserve Bank of Cleveland President Beth Hammack signalled openness to a possible US rate hike, ahead of the policy meeting scheduled for next week. These factors have kept investors cautious, balancing safe-haven demand for gold against expectations of tighter monetary policy.
\nSilver prices also moved higher in the local market, increasing by Rs107 to Rs6,177 per tola, reflecting parallel demand for precious metals amid uncertainty. Adnan Agar, Director of Interactive Commodities, said: \u201cThe market is a bit quiet.\u201d It hit a high of $4,040 and a low of $3,982, and at the time of reporting, the market stood at $4,012.
\nThe market was oscillating between $4,000 and $3,900. \u201cWe will find out in the coming days, within the next one or two weeks, whether gold will set its direction upwards or downwards.\u201d If the war between the US and Iran escalated, there were chances that gold would come down and oil would rise, he said. The expectations are mostly that the war will intensify, oil will rise, and gold will come down.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI: Gold prices in Pakistan edged higher on Monday, largely in line with a stable trend in international markets, as investors weighed the implications of the escalating US-Iran tensions that lifted energy prices and caused uncertainty about the outlook for US rates. According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-557596","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n