Gold price rises by Rs2,300 after a day of stability

The price of gold increased on Saturday after holding steady for a day, with a rise of Rs2,300 per tola. The price of 24-karat gold per tola reached Rs428,862.

Internationally, the yellow metal gained $23, settling at $4,065 per ounce. A Rs48 increase pushed silver prices to Rs5,270 per tola

Jewellers noted that precious metal prices often rise over the weekend due to increased investor interest.

The recent fluctuations, they added, reflect ongoing uncertainty and hesitation among investors.

They also said that the current rate includes a premium of $20, which has now become a regular factor in pricing.

In the local market, gold prices dropped by Rs5,000 per tola on Thursday, reaching Rs426,562 per tola.

According to the All Pakistan Gems and Jewellery Association, the price of 10 grams of gold also declined by Rs4,286, bringing it to Rs365,708.

Rising global demand and a weakening rupee are driving up gold prices in Pakistan. Meanwhile, Morgan Stanley forecasts that gold could reach new highs in the coming years.