Gold prices in Pakistan rose sharply on Tuesday, March 10, following a surge in international bullion rates, pushing domestic prices significantly higher after a decline a day earlier.

The international gold price increased by $62 per ounce to reach $5,168 per ounce. The rise in global bullion markets quickly translated into higher local prices, with the rate of 24-karat gold per tola climbing by Rs6,200 to Rs539,562 in Pakistan’s bullion market.

The increase comes a day after gold prices fall by Rs6,500 per tola in Pakistan as global rates decline on March 9, highlighting the continued volatility in both international and domestic gold markets.

Gold prices fall by Rs6,500 per tola in Pakistan as global rates decline

Global rise pushes local gold rates higher

Bullion traders said the surge in international prices remains the primary driver of gold rates in Pakistan. Local markets typically follow global price movements, with currency fluctuations and investor demand also affecting domestic rates.

In Pakistan, the price of 10 grams of 24-karat gold also increased by Rs5,316, bringing the new rate to Rs462,587.

Market observers say gold prices have shown sharp daily movements in recent sessions as investors worldwide respond to shifts in global economic indicators and demand for safe-haven assets.