Continuing its upward momentum, gold prices in Pakistan jumped by Rs7,900 on Thursday, bringing the precious metal’s rate to Rs523,962 per tola.
The price of 10 grammes of gold has increased by Rs6,773 to Rs449,212.
Meanwhile, internationally, gold prices extended gains after rising more than 2% in the previous session, as lingering tensions between the United States and Iran prompted a flight to safety, while investors evaluated the Federal Reserve’s monetary policy path.
Spot gold rose 0.7% to $5,012.83 per ounce by 0634 GMT, US gold futures for April delivery were up 0.4% at $5,031.20.
“Geopolitical concerns are front and centre with reports that if the USwere to take military action against Iran, it could go on for several weeks,” said Jamie Dutta, market analyst at Nemo money.
Some progress was made during Iran talks this week in Geneva but distance remained on some issues, the White House said on Wednesday.
Top US national security advisers met in the White House Situation Room on Wednesday to discuss Iran and were told all US military forces deployed to the region should be in place by mid-March.
Earlier, spot silver has risen by 2.7% to $79.24 per ounce after climbing more than 5% on Wednesday.
Silver is “supported by tight supply and low COMEX stock levels ahead of the delivery period of the March contract. However, given the extent of the historic correction earlier this month, silver is not back on safer ground until it trades back above $86,” said Ole Hansen, head of commodity strategy at Saxo Bank.
