Pakistan’s bullion market saw a modest recovery in silver prices on Wednesday, with the white metal posting gains after recent declines. The silver rate in Pakistan for 24-karat silver increased by Rs140 to close at Rs6,942 per tola.
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The rise provided a pause in the recent downward trend that had pushed silver prices below the Rs7,000 level. The latest increase also reflected renewed buying interest at current price levels.
For 24-karat silver, the price increased by Rs120 per 10 grams to Rs5,951. Gains in both per-tola and 10-gram prices pointed to improved sentiment in the local silver market.
The recovery was supported by positive movement in international silver prices.
The international silver price rose by $1.40 per ounce to $64.64, recovering from recent lows. The increase in global silver prices provided support to the domestic bullion market.
Despite Wednesday’s recovery, silver prices remain below their late-August peak of around Rs7,329 per tola.
The market has, however, recovered from last week’s lows below Rs6,900, recording a modest rebound during the latest session.
Earlier this week, silver prices in Pakistan fell on Monday, with 24-karat silver declining by Rs. 122 per tola as international silver prices also moved lower at the start of the new trading week.
According to rates issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat silver fell to Rs. 6,802 per tola.
All rates are officially certified by the All Pakistan Sarafa Gems and Jewellers Association, based on interbank exchange rates for 999-purity (24-karat) silver.
