Gold prices witness sharp increase in Pakistan

ISLAMABAD: Gold prices in Pakistan witnessed a sharp increase on Thursday, with the price of 24-karat gold climbing by Rs11,300 per tola, tracking a strong rally in the international bullion market.

According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of one tola of gold rose to Rs449,236, compared with the previous day’s rate.

The association also reported a significant increase in the price of 10 grams of 24-karat gold, which gained Rs9,688 to reach Rs385,147.

The domestic surge came after international gold prices recorded a substantial jump.

In the global bullion market, the price of gold increased by $113 per ounce, taking it to $4,268 per ounce, providing fresh momentum to local gold rates.

Pakistan’s gold prices generally move in line with trends in international markets while also reflecting fluctuations in the rupee-dollar exchange rate and local market dynamics.

The latest increase marks one of the biggest single-day gains in recent weeks, pushing gold prices closer to record levels and further increasing the cost of jewellery and investment-grade bullion for consumers.

Gold is widely regarded as a safe-haven asset during periods of economic uncertainty and geopolitical tensions, with investors often shifting towards the precious metal amid volatility in global financial markets.