After declining in the last four sessions, gold prices in Pakistan surged on Tuesday in line with their increase in international rates. In the local market, the price of gold per tola grew by Rs600, clocking in at Rs275,500.
Similarly, 10-gram gold was sold at Rs236,197 after it recorded a gain of Rs515, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Tuesday, gold price had fallen by Rs600 to settle at Rs274,900.
Meanwhile, the international rate of gold increased on Wednesday. As per APGJSA, the rate was at $2,653 per ounce (with a premium of $20), and up by $6 during the day.
Silver prices remained stable at Rs3,050 per tola.
Last week, gold prices hit a record high level of Rs277,000 per tola in Pakistan.
Experts have attributed the recent increase in gold prices to global developments, including escalating geopolitical tensions in the Middle East, Fed rate cuts and soaring demand from major markets like China and India.
Bullion is considered a safe investment during times of political and financial uncertainty.
Globally, gold prices were flat on Wednesday, as a firmer dollar partially offset safe-heaven demand amid heightened Middle East tensions, while investors awaited US data for further economic cues.
Spot gold held its ground at $2,659.79 per ounce, as of 0325 GMT, after rising more than 1% in the previous session. US gold futures eased 0.4% to $2,680.90.
Source: Brecorder
