Gold price reverses declining trend, rises by Rs2,000 per tola

KARACHI: Gold prices in Pakistan rose on Saturday, following a similar trend in the international market, after having declined over the previous two days.

The price of gold in the local market increased by Rs2,000 per tola, reaching Rs284,300. The price of 10-gramme gold also saw a rise of Rs1,714, bringing it to Rs243,741, as per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Friday, gold prices had dropped by Rs800, closing at Rs282,300.

Internationally, gold prices went up on Saturday. According to the APGJSA, the rate was $2,748 per ounce (including a $20 premium), an increase of $22 during the day.

Meanwhile, silver prices remained unchanged at Rs3,350 per tola.

Earlier, on Wednesday, gold reached an all-time high of Rs285,400 per tola.

The recent surge in gold prices can be attributed to rising demand for safe-haven assets, driven by ongoing conflicts in the Middle East and uncertainty around the upcoming US election.

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