Gold prices in Pakistan witnessed a significant increase on Thursday as the yellow metal surged in the international market due to the ongoing Israel-Hamas conflict in the Middle East.
According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the per tola gold price reached Rs211,350, marking a substantial rise of Rs2,900.
The price for 10 grams of gold also rose to Rs181,198, with an increase of Rs2,486. This increase comes after a slight decline in the previous session when the per tola gold price in Pakistan stood at Rs208,450, showing a decrease of Rs750.
Middle East conflict
Amid fears that the Middle East conflict could evolve into a regional war, investors turned to gold as a safe-haven asset, leading to a surge in its demand. In the international market, gold was priced at $1,990 per ounce on Thursday, marking a $20 increase. It is worth noting that gold traders in Pakistan typically add a $20 premium to the international price, bringing the rate to $2,010 in the Pakistani market.
Meanwhile, silver rates remained stable at Rs2,500 per tola.
The rise in gold prices reflects the global economic uncertainty and the precious metal's role as a traditional safe-haven investment during times of geopolitical instability. As the Middle East conflict continues to evolve, the gold market in Pakistan remains closely monitored by investors and consumers alike.
