Gold prices in the local market staged a modest recovery on Monday, moving back to higher levels as bullion rates advanced in the international market.
According to data released by the All Pakistan Sarafa Gems and Jewellers Association (APGJSA), the price of 24-karat gold rose by Rs1,200 per tola to settle at Rs437,536.
Similarly, the price of 10-gram gold experienced an upward adjustment of Rs1,029, reaching Rs375,116.
The rebound in domestic prices mirrored trends in the international bullion market, where gold edged up by $12 to trade at $4,150 per ounce. Market analysts noted that local rates continue to be heavily influenced by international benchmark prices alongside fluctuations in the rupee-dollar exchange rate.
The fresh gains follow a period of heightened volatility in the domestic gold market. Just days earlier, on October 3, gold prices had experienced a sharp drop of Rs4,300 per tola, briefly bringing relief to buyers before the market reversed course.
Commodity traders attribute the recent fluctuations to shifting investor sentiment, global economic indicators, and currency market dynamics. Market participants expect domestic gold prices to remain sensitive to international bullion trajectories and movements in the foreign exchange market in the coming sessions.
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