Gold prices in Pakistan posted a modest increase on Monday, defying a decline in the international bullion market amid heightened geopolitical uncertainty.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola rose by Rs800 to settle at Rs493,962. The rate for 10 grams of gold increased by Rs686 to Rs423,492. In the previous session on Saturday, gold had already gained Rs2,300 per tola, indicating continued volatility in the local market.

In contrast, international gold prices moved lower on Monday, weighed by a stronger dollar and cautious investor sentiment ahead of key central bank meetings.

Market participants attributed the global dip to a lack of diplomatic progress in resolving the ongoing Iran conflict, which has kept oil prices elevated and sustained inflationary concerns. Investors are also closely watching upcoming monetary policy announcements, particularly from the US, for signals on interest rates and the economic outlook.

Adnan Agar, Director at Interactive Commodities, noted that gold prices remained under downward pressure in the international market, with intra-day trading ranging between $4,666 and $4,729 per ounce. He added that the market is currently moving within a defined range, with strong support seen around $4,580 and resistance near $4,800-$4,850.

“Unless gold decisively breaks below the support level, the broader trend still allows room for an upward move,” he said.

Silver prices in the domestic market remained unchanged at Rs8,049 per tola. The Pakistani rupee posted a slight uptick in the inter-bank market, closing at 278.82, gaining Rs0.03 compared with the greenback.