Gold prices in Pakistan increased again on March 12, with the rate of 24-karat gold rising by Rs3,700 per tola, reflecting continued gains in the international bullion market, according to the All Pakistan Gems and Jewellers Association.

The latest increase pushed the price of one tola of gold to Rs543,262 in the local market. The association also reported that the price of 10 grams of gold rose by Rs3,172, bringing the rate to Rs465,759 across the country.

The rise follows strong movement in international bullion prices. The global gold rate increased by $37 per ounce, reaching $5,205 per ounce, which contributed to the upward trend in Pakistan’s domestic gold market.

A day earlier, gold prices in Pakistan had already recorded a sharp jump, when international bullion surged by $62 per ounce to $5,168. That increase pushed the local 24-karat gold price up by Rs6,200 per tola to Rs539,562, setting the stage for the latest rise.

Gold price in Pakistan rebounds on March 10 after previous day’s sharp drop

Market analysts say domestic gold prices in Pakistan generally move in line with trends in the global bullion market. Changes in the Pakistani rupee’s exchange rate against the US dollar can further influence local price movements.

As a result, developments in international commodity markets and currency fluctuations continue to play a major role in determining gold prices in Pakistan.