Gold prices see big rise in Pakistan

Gold prices in Pakistan witnessed a significant rise on Wednesday, aligning with an upward trend in the international market.

The price of gold per tola increased by Rs4,250 to reach Rs287,450, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Similarly, the price of 10-gram gold rose by Rs3,642, settling at Rs246,440. On the previous day, the price of gold per tola had increased by Rs300, closing at Rs283,200.

In the international market, the gold rate surged by $40, reaching $2,751 per ounce with a premium of $20, according to the APGJSA.

Spot gold prices climbed 0.3% to $2,751.89 per ounce as of 0502 GMT, nearing the record high of $2,790.15 recorded in October. US gold futures also increased by 0.3%, standing at $2,768.40.

Additionally, the price of silver in the local market rose by Rs59.4, reaching Rs3,431 per tola.

Gold prices have been on the rise globally, driven by heightened demand for safe-haven assets amid uncertainty surrounding geopolitical events and a weaker US dollar.

The local gold market continues to reflect these international trends, with prices nearing the all-time high of Rs287,900 per tola recorded in October last year.