KARACHI: Gold prices in Pakistan surged sharply on Thursday following a strong upward trend in the international bullion market, with the price of gold per tola increasing by Rs.7,800 to reach Rs.496,762.
According to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold also witnessed a major increase of Rs6,687, settling at Rs425,893 in the local market.
The latest jump comes a day after gold prices rose by Rs11,100 per tola on Wednesday, when the precious metal closed at Rs488,962. Market analysts linked the increase in local gold rates to the continued rise in global gold prices and fluctuations in the international economy.
In the international market, gold prices climbed by $78 per ounce, reaching $4,744 per ounce, including a premium of $20. Experts say global investors are increasingly turning towards gold as a safe-haven asset amid economic uncertainty, inflation fears and geopolitical tensions worldwide.
Jewellers and traders in Pakistan stated that rising international bullion prices and currency fluctuations continue to impact local gold rates. The increasing demand for gold investment and wedding jewellery has also contributed to price volatility in the domestic market.
Meanwhile, silver prices also recorded a significant increase in Pakistan. The price of silver rose by Rs373 to reach Rs8,445 per tola in the local bullion market.
Economic experts believe gold prices may remain volatile in the coming weeks due to uncertainty in global financial markets, changing interest rate expectations and ongoing geopolitical developments affecting investor sentiment.
The continuous increase in gold prices has raised concerns among buyers and jewellery traders, especially ahead of the wedding season in Pakistan, where gold remains one of the most preferred investment and gifting options.
