Gold is trading near record territory this morning after jumping roughly 1% to hit $4,755.86 per ounce in early trading, extending a volatile run driven by Middle East tensions, dollar swings, and rate-cut speculation.
Latest Price Action
– Current spot price: $4,753.95 per ounce, up $33.26 (+0.70%) on the day
– Session high: $4,759.03, putting the $4,755.86 level you mentioned squarely in today’s trading range
– Session low: $4,715.78
– 52-week range: $3,120.76 – $5,602.23
Gold futures for June delivery were last quoted at $4,743.50, down 1.8% in the prior U.S. session as a stronger dollar and rising Treasury yields pressured bullion. However, prices edged 0.3% higher to $4,732.45 in early trade today after President Trump said the U.S. will extend its ceasefire with Iran until Tehran provides “a unified proposal”.
Gold prices in Pakistan:
Gold prices in Pakistan on Wednesday, 22 April 2026 reflect strong market values across all karat categories.
The 24 Karat gold, being the purest form, is priced at PKR 504,500 per Tola, PKR 43,253 per gram, PKR 432,530 per 10 grams, and PKR 1,226,210 per ounce. The 22 Karat gold stands at PKR 462,455 per Tola, while 21 Karat and 18 Karat gold are priced at PKR 441,438 and PKR 378,375 per Tola respectively.
For those looking at more affordable options, 14 Karat gold is available at PKR 252,250 per Tola, PKR 21,627 per gram, PKR 216,265 per 10 grams, and PKR 613,105 per ounce.
What’s Moving Gold Right Now
As traders are glued to U.S.-Iran developments, plans for fresh peace talks in Pakistan offered some optimism, but Trump signaled he’s not inclined to extend the ceasefire past Wednesday evening. Just hours ago he announced an extension, sparking a “very modest reversal” in safe-haven flows.
A stronger dollar and rising 10-Year yields are the main headwinds today. “Stronger yields and the dollar are putting pressure on gold,” said Bob Haberkorn, senior market strategist at RJO Futures.
Besides these, crude oil rose more than 3% as Strait of Hormuz traffic remained largely at a standstill, stoking inflation fears. But Iran’s foreign minister later said passage remains open during the ceasefire, pushing oil lower and easing some inflation concerns.
Markets now see a 32% chance of a U.S. rate cut this year. While gold is an inflation hedge, it suffers when rates stay high because it’s a non-yielding asset.
Traders note that gold sank 2% to $4,724.31 on Tuesday, its lowest in over a week. Last week spot fell 3.68% to $4,365/oz before the current rebound. For context, gold surged 65% in 2025, its best performance in 40 years.
Other Precious Metals Today
– Silver: $76.63/oz, down 4%
– Platinum: $2,035/oz, down 2.6%
– Palladium: $1,538.78/oz, down 0.6%
Gold’s path today hinges on two wires: ceasefire headlines from the Middle East and Fed chair nominee Kevin Warsh’s confirmation hearing. “Gold’s trajectory will remain closely tied to developments in the Middle East and their impact on energy markets and inflation expectations,” says Konstantinos Chrysikos of Kudotrade.
