Gold prices rise in Pakistan following international trend

Gold prices in Pakistan saw an increase on Wednesday, reversing a sharp decline from the previous session, in line with a rise in international gold rates.

According to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of gold per tola (11.66 grams) rose by Rs1,400, reaching Rs271,900. Similarly, the price of 10 grams of gold increased by Rs1,200, reaching Rs233,111.

The local market had experienced a significant dip in gold prices on Tuesday, when the price per tola dropped by Rs7,000, settling at Rs270,500.

In the international market, gold prices also edged higher on Wednesday, with the price of an ounce of gold rising to $2,607, marking a $14 increase from the previous day. The premium on the price was noted at $20.

Silver prices remained unchanged on Wednesday, holding steady at Rs3,250 per tola in the local market.

Gold's recent price movements are being driven by a combination of global factors. Conflicts in the Middle East and concerns over the upcoming U.S. presidential election have led to heightened demand for the precious metal, which is considered a safe-haven asset during times of economic and geopolitical uncertainty.

Last month, gold prices in Pakistan reached an all-time high of Rs287,900 per tola, but have since fluctuated due to varying international market conditions.