Gold prices rise in Pakistan after previous day’s decline

KARACHI: Gold prices in Pakistan rose by Rs600 per tola on Thursday, recovering slightly from the previous session’s decline.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold increased to Rs435,036 per tola from Rs434,436 a day earlier.

Similarly, the price of 10-gram gold rose by Rs515 to Rs372,973.

On Wednesday, gold prices had fallen by Rs3,100 per tola, while the price of 10-gram gold declined by Rs2,658 to Rs372,458.

Silver prices also fell by Rs100 per tola on Wednesday to Rs6,488.

Gold prices in local markets are influenced by several factors, including international bullion rates, fluctuations in the rupee-dollar exchange rate, geopolitical tensions and investor sentiment.

Gold is generally considered a safe-haven asset during periods of economic and political uncertainty.

Increased demand during such periods can push international prices higher, while easing uncertainty can put downward pressure on the precious metal.

In Pakistan, movements in international gold prices and changes in the rupee’s value against the US dollar play a key role in determining domestic bullion rates.