Gold Rebounds To Rs424,236 Per Tola. Silver Also Rose By Rs41 Per Tola To Rs6,070 As Iran War Safe-Haven Demand Pushes Precious Metal Prices Back Above The $4,000 Threshold
According to The Express Tribune, gold and silver prices rebounded in both global and local markets on July 18 after a one-day pause, with the international gold price rising $24 per ounce to $4,018.
According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola in the local market increased by Rs2,400 to reach Rs424,236. The price of gold per 10 grams rose by Rs2,057 to reach Rs363,713. Silver per tola increased by Rs41 to Rs6,070, while silver per 10 grams rose by Rs36 to Rs5,204.
The recovery followed a correction on Friday July 17, when gold fell Rs3,600 to Rs421,836 per tola tracking a $36 drop in international rates to $3,994 per ounce. The rebound on Saturday restored most of those losses and pushed global gold firmly back above the psychologically significant $4,000 per ounce level.
The precious metals market has been driven by safe-haven demand stemming from the ongoing US-Iran military conflict, which has kept oil markets volatile and investors seeking refuge in gold as a store of value in uncertain conditions.
Gold at Rs424,236 per tola is not a number divorced from the real economy. In Pakistan, where the rupee has been under sustained pressure and inflation has eroded purchasing power, rising gold prices directly affect jewellers, wedding planning, savings behaviour and family balance sheets in a way that few commodity price moves do. The Iran war premium on gold is a permanent feature of the market until the conflict is resolved.
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