Gold prices in Pakistan recorded a sharp increase on Thursday following gains in the international bullion market. The rise came a day after local gold prices witnessed a major decline across the country.
According to rates released by the All Pakistan Gems and Jewellers Sarafa Association, gold prices in Pakistan increased by Rs5,000 per tola during the trading session. After the latest increase, the price of one tola of gold reached Rs475,362 in the local market.
Similarly, the price of 10 gram gold climbed by Rs4,287 and was sold at Rs407,546.
The increase followed a strong upward trend in the international gold market where prices surged significantly due to renewed investor interest in safe haven assets.
International Gold Market Moves Higher
In the global bullion market, gold prices increased by 50 dollars per ounce. The international rate reached 4,530 dollars per ounce, including a premium of 20 dollars.
Market analysts said international gold prices continued to rise amid economic uncertainty, fluctuations in the US dollar, and investor concerns over global financial conditions.
The rise in global rates directly impacted local bullion prices in Pakistan because domestic gold prices are linked to trends in international markets and currency exchange rates.
Previous Session Saw Sharp Decline
The latest increase came after a major drop in gold prices on Wednesday. During the previous trading session, gold prices in Pakistan declined by Rs6,800 per tola and settled at Rs470,362.
Traders said the local market remained volatile due to rapid changes in international gold prices and investor sentiment.
Jewellers noted that fluctuations in the global market continue to influence buying patterns in Pakistan, especially ahead of wedding seasons and investment activity.
Silver Prices Also Increase
Alongside gold, silver prices also moved higher in the domestic market on Thursday. According to market rates, silver prices increased by Rs60 per tola and reached Rs8,034.
Bullion traders expect precious metal prices to remain sensitive to global economic developments, central bank policies, and geopolitical tensions in the coming weeks.