Gold prices in Pakistan skyrocketed on Saturday as the yellow metal hit an all-time high in the local market, following a strong upward trend in international bullion.

According to the All Pakistan Sarafa Gems and Jewellers Association, 24-karat gold per tola surged by Rs3,600, closing at Rs167,400.

Local market gold rates see steep rise

In the domestic bullion market, the price of 10 grams of 24K gold jumped by Rs3,172 to settle at Rs143,486. Similarly, 10 grams of 22K gold stood at Rs131,538.

Traders linked the price hike to the rising value of gold in the international market and the rupee’s continued pressure against the US dollar.

International gold and silver updates

On the global front, gold prices gained $36 per ounce, trading at $1,947. The surge in international bullion prices is being fueled by economic uncertainty, a weaker dollar index, and investors shifting to safe-haven assets.

Silver also followed the upward trajectory. In Pakistan, silver rates increased by Rs81 per tola, reaching Rs4,202. The 10-gram silver rate stood at Rs3,602, while international silver was priced at $23.69 per ounce after gaining $0.81.