KARACHI — Gold prices in Pakistan extended their strong upward momentum on Wednesday, driven by a sharp rally in the international bullion market, with the price of 24-karat gold rising by Rs14,800 to a fresh record of Rs529,162 per tola, according to verified bullion market data.

The price of gold per 10 grams also increased significantly, climbing by Rs12,689 to Rs453,671, reflecting sustained buying interest after days of extreme volatility.

The latest surge followed a powerful rebound on Tuesday, when gold prices jumped by Rs24,000 per tola to Rs514,362, while the rate for 10-gram gold rose by Rs20,576 to Rs440,982, as released by the All-Pakistan Gems and Jewellers Sarafa Association.

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Earlier this week, the market had seen sharp corrections. On Monday, gold prices fell by Rs21,500 per tola to Rs490,362. Over the previous three sessions, the yellow metal had cumulatively lost Rs85,500 per tola, highlighting intense volatility tied to global market movements.

Internationally, gold prices remained elevated, providing strong upward pressure on domestic rates. Spot gold climbed nearly 3% to trade around $5,076 per ounce, after posting its biggest single-day gain since November 2008. US gold futures for April delivery also rose more than 3% to about $5,097 per ounce.

Gold prices are influenced by a combination of factors, including fluctuations in the US dollar, interest-rate expectations, geopolitical uncertainty, and investor demand for safe-haven assets. Since gold is traded globally in dollars, rapid changes in international prices are quickly reflected in Pakistan’s local market after currency adjustments.

As global uncertainty persists, gold prices in Pakistan remain closely aligned with international bullion trends, with investors and traders closely watching global cues for the next direction.

Gold prices by purity (per tola)