Gold price rises in Pakistan after two-day fall

KARACHI: Gold prices in Pakistan rose sharply on Wednesday, recovering after falling by Rs7,800 per tola over the previous two sessions, according to the All-Pakistan Gems and Jewellers Sarafa Association.

The price of gold increased by Rs7,900 per tola to Rs457,236, the association said.

The price of 10 grammes of gold rose by Rs6,773 to Rs392,006.

Silver prices also increased, with a tola gaining Rs140 to reach Rs6,942.

Global gold prices rise

Gold prices in the international market also rose sharply, with the price of an ounce increasing by $79 to $4,347.

The rise in international prices was reflected in Pakistan’s local market, where gold prices rebounded after two consecutive sessions of decline.

Gold prices in Pakistan are primarily influenced by international bullion prices and the rupee-dollar exchange rate, while local demand and supply and market conditions also affect domestic rates.

A rise in international gold prices generally puts upward pressure on local prices when other factors remain unchanged. Likewise, movements in the rupee’s value against the dollar can amplify or offset changes in global bullion prices.

Gold has remained at historically elevated levels in Pakistan in recent months, tracking sharp movements in international markets. Demand for the precious metal as a relatively safe-haven asset during periods of economic and geopolitical uncertainty is among the factors supporting global prices.