KARACHI:
Gold prices remained stable in both international and local markets on Friday, while silver saw a moderate increase.
In the international bullion market, the price of gold per ounce held steady at $5,178.
In Pakistan, the price of gold per tola remained unchanged at Rs 540,562, while per 10 grams it stayed at Rs 463,444.
Silver prices, however, recorded an increase. The price per tola rose by Rs 270 to reach Rs 9,474, while per 10 grams it increased by Rs 232 to Rs 8,122.
Spot gold edged down 0.1% to $5,181.18 per ounce by 0837 GMT. The metal has climbed 6.5% so far in February, bringing gains for the seven months to a whopping 58%.
US gold futures for April delivery were up 0.1% at $5,198.10.
Spot silver rose 1.7% to $89.87 per ounce, and was headed for a 6.2% gain on the month.
Spot platinum climbed 4.1% to $2,365.33 per ounce, a four-week high, while palladium gained 2.1% to $1,821.28.
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Furthermore, on Thursday, the Pakistani rupee posted a marginal appreciation against the US dollar in the inter-bank market on Thursday. By the close of trading, the local currency settled at 279.50 per dollar, strengthening by Rs0.01 compared with the previous session.
On Wednesday, the rupee had finished trading at 279.51 against the greenback, according to the State Bank of Pakistan (SBP).
Meanwhile, gold prices in Pakistan eased on Thursday, tracking subdued trends in the international bullion market as investors stayed cautious ahead of a fresh round of indirect US-Iran nuclear negotiations in Geneva.
According to the All Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold fell by Rs700 per tola to Rs540,562. Similarly, the 10-gram gold declined by Rs600 to Rs463,444 in the local market.
The decline follows Wednesday’s modest increase, when gold per tola rose by Rs1,300 to Rs541,262 amid safe-haven demand linked to geopolitical tensions.
Silver prices also moved lower on Thursday, dropping Rs350 to settle at Rs9,204 per tola, the market association data showed.
In the international market, spot gold held largely steady, hovering near $5,165 per ounce in early US trading, while April gold futures slipped about 0.8% to around $5,182, according to Reuters.
Traders remained on the sidelines ahead of the third round of indirect talks between Washington and Tehran, mediated by Oman, with expectations that any progress could influence geopolitical risk premiums embedded in bullion prices.
