KARACHI: Gold prices in Pakistan recorded a sharp increase on Wednesday, reflecting gains in the international bullion market. The price of gold per tola jumped by Rs11,100, reaching a new level of Rs488,962 in the local market.
According to data released by the All-Pakistan Gems and Jewellers Sarafa Association, the rate for 10 grams of gold also surged by Rs9,517 to settle at Rs419,206. This significant rise comes after a brief decline on Tuesday, when gold prices dropped by Rs2,100 per tola to Rs477,862.
The increase in domestic gold rates follows a strong upward trend in global markets. Internationally, gold prices climbed by $111 per ounce, reaching $4,666, including a premium of $20. Analysts attribute the surge to ongoing geopolitical tensions, currency fluctuations, and increased demand for safe-haven assets.
In addition to gold, silver prices in Pakistan also witnessed a notable rise. The price of silver increased by Rs223 per tola, reaching Rs8,072, indicating a broader upward movement in precious metals.
Market experts suggest that gold prices in Pakistan are heavily influenced by international rates and the value of the Pakistani rupee against the U.S. dollar. Any volatility in global markets or currency exchange rates directly impacts local bullion prices.
Investors and traders are closely monitoring trends in the gold market, as continued uncertainty in global economic conditions may keep prices elevated. The recent surge highlights gold’s role as a reliable investment during times of instability.
