KARACHI – Gold prices recorded upward trend for second consecutive day in domestic market amid rising global rates on Wednesday.
Data shared by All Pakistan Gems and Jewellers Association showed per tola gold price surged by Rs3,700 to Rs543,262.
Similarly, the price of 10-gram gold surged by Rs3,172, with new price surged to Rs465,759 in local market.
The precious commodity witnessed an increase of $37 in international bullion market where per ounce rate has surged to $5,205.
However, the silver prices remained stable in Pakistan with per tola rate standing at Rs9,354.
Experts said the ongoing US-Israel war with Iran has increased the demand for safe-haven investment.
Meanwhile, Pakistan moved to stabilise its fuel supply with new shipments as panic spread following sharp increase in petroleum prices amid rising regional tensions. Long queues formed at fuel stations as fears of shortages grew, prompting the government to take urgent measures to conserve fuel and manage existing reserves.
As of March 11, the South Asian nation received crucial boost to its fuel supplies this week as several oil and gas tankers arrived at Port Qasim, helping replenish reserves during a period of global supply uncertainty and rising regional tensions.
According to the Port Qasim Authority (PQA), the tanker Torm Damini reached the port on March 8 and has already discharged 37,000 tonnes of diesel, providing immediate relief to the country’s fuel reserves. Meanwhile, three more vessels carrying petrol have also reached Pakistani waters and are scheduled to berth in the coming days.
One of these ships is carrying 50,000 tonnes of petrol, has arrived at Port Qasim and is expected to dock today. The unloading operation is likely to take approximately 30 hours. Another tanker, Spruce 2, transporting 55,000 tonnes of petrol, is set to berth on Thursday. A fourth vessel, Sea Clipper, loaded with 34,000 tonnes of petrol, is expected to dock on March 13 or 14. Officials also confirmed that an additional petrol shipment intended for Pakistan State Oil (PSO) is anticipated to arrive after March 16, further strengthening the country’s supply chain.
