After remaining stable in the previous session, gold prices witnessed a significant rise in Pakistan on Wednesday, reflecting an upward trend in the international market.
According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola surged by Rs800, settling at Rs242,300.
Similarly, the price of 10-gram gold saw an increase of Rs686, reaching Rs207,733. On Tuesday, gold prices had remained unchanged, with the rate per tola standing at Rs241,500.
The upward movement in the local gold market corresponds with the international market trend, where gold prices experienced an increase. As reported by the APGJSA, the international rate of gold rose to $2,345 per ounce (including a premium of $20), marking a gain of $21 in a single day.
While gold prices saw a notable rise, silver rates in the local market remained stable at Rs2,850 per tola.
Market analysts attribute the surge in gold prices to various global economic factors, including fluctuations in currency values and geopolitical uncertainties, which often drive investors towards the precious metal as a safe-haven asset.
