The price of gold and silver in Pakistan has risen for the third consecutive day, with the price of the yellow metal maintaining its hold beyond Rs500,000.
The price of 24-karat gold per tola in Pakistan has surged further by Rs1,400, reaching Rs504,862 per tola, according to the All Pakistan Sarafa Gems and Jewellers Association.
Similarly, the price of 10 grams of 24-karat gold increased by Rs1,200, taking it to Rs432,837. The price of 10 grammes of 22-karat gold also hiked by Rs1,100 to be sold for Rs396,781.
Also Read: Gold price in Pakistan crosses Rs500,000
International gold prices
In the international market also, the price of gold per ounce has hiked by $14 to reach $4,825 per ounce.
Silver prices in Pakistan
Silver prices also followed the same trend, with the price of 24-karat silver per tola hiking by Rs110 to reach Rs8,514 in Pakistan. Similarly, the price of 10g of 24-karat silver increased by Rs94 to reach Rs7,299.
Gold gains as US-Iran peace deal hopes rise
In the global market, gold prices rose on Thursday, supported by a weaker dollar, while investors weighed growing optimism over a potential US-Iran deal to end the war that has pushed up energy prices and fuelled fears of higher inflation.
Spot gold rose 0.7% to $4,821.44 per ounce by 0301 GMT. US gold futures for June delivery gained 0.4% to $4,844.40.
The US dollar hovered near its lowest level in six weeks, making greenback-denominated commodities, including bullion, more affordable for holders of other currencies, while benchmark 10-year US Treasury yields eased 0.1%.
"The primary driver (for gains in gold) is the optimism about a US-Iran ceasefire," said Kelvin Wong, a senior market analyst at OANDA.
Also Read: Gold gains as US-Iran peace deal hopes rise
"If we start to see a break above $4,900, further potential upside cannot be ruled out towards the next intermediate resistance zone, which is at the psychological level of $5,000."
In the US, traders now see a 29% chance of a 25-basis-point interest rate cut this year. Before the war, there were expectations of two reductions for this year.
Spot silver rose 1.7% to $80.41 per ounce, platinum gained 1.2% to $2,135.58, and palladium was up 0.9% at $1,587.39.
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