Gold prices increases by Rs800 in Pakistan

KARACHI: After witnessing a slight drop, gold prices in Pakistan on Thursday increased by Rs800 per tola.

According to sources, the current rate for gold stands at Rs216,300 per tola.

Meanwhile, with an uptick in price of Rs686, ten-gram gold now costs Rs185,442.

Read more: Gold price increases for second consecutive day on Tuesday

The surge in gold prices is reflective of the global market, where the precious metal is currently valued at $2,040 per ounce, following an increase of $5. However, within Pakistan, after factoring in a $20 premium, the gold price in Pakistan rises to $2,060 per ounce.

On Tuesday, gold prices surged by Rs700, bringing the price of precious metal to Rs216,100. Ten grams of gold similarly rose by Rs600 to Rs185,271. Gold prices increased significantly by Rs1500 on January 29, reaching Rs215,400 per tola. Ten grams of 24-karat gold rose by Rs1,286, raising the costs to Rs184,671.

The rise in gold price is due to fluctuations in rate of the US dollar and impact of international events such as war on the global gold market.