Bullion Bounce-Back: Gold and Silver Rally After Short Pause
Following a three-day cooling period that saw prices dip below key psychological levels, the gold and silver markets came roaring back on Tuesday. In the international arena, gold prices surged by $240, reclaiming a position near the $4,916 per ounce mark. This rebound comes as investors globally reassess interest-rate expectations under the incoming US Federal Reserve leadership, coupled with a shift in margin requirements that had previously sent the market into a tailspin.
Domestic Markets See Record Single-Day Gains
The local market in Pakistan mirrored the global enthusiasm, with gold prices witnessing a massive spike. The price of 24-karat gold per tola skyrocketed by Rs24,000, crossing the half-million mark again to settle at Rs514,362. Similarly, the 10-gram rate jumped by over Rs20,000. These gains effectively erased much of Monday’s steep decline, highlighting the extreme volatility currently gripping the Pakistani jewelry and investment sectors.
Silver and Industrial Metals Join the Surge
It wasn’t just gold making headlines; silver recorded an impressive 10% gain internationally to reach $87.40 an ounce. Locally, the per tola rate for silver climbed by Rs741, bringing it to Rs9,146. Other precious metals followed suit, with platinum and palladium both posting gains of over 5%. Analysts suggest this “v-shaped” recovery is a mix of bargain buying after last week’s historic slump and a hedge against ongoing geopolitical and economic uncertainties.
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