Gold prices in Pakistan jumped sharply on Tuesday after dipping the day before, according to the All Pakistan Gems and Jewellers Sarafa Association. 24-karat gold per tola rose Rs6,200 to close at Rs539,562.
The rate for 10 grams increased by Rs5,316 to Rs462,587. On Monday, the same tola had fallen Rs6,500 to Rs533,362, while 10 grams settled at Rs457,271. Tuesday’s rise wiped out Monday’s decline and took prices to a new record high locally. The move tracked gains in international gold prices, which rose as the US dollar softened.
The rise in Pakistan’s gold prices closely follows developments in the international market. Globally, gold gained $62 per ounce, bringing the rate to $5,168 per ounce. This price also includes a $20 premium, according to market reports.
Experts say global investors often turn to gold during periods of uncertainty. As a result, demand for the metal increases and prices rise worldwide. Since Pakistan’s local gold market follows international trends, any change in global prices quickly affects domestic rates.
Silver prices also move upward
