KARACHI: Gold prices in Pakistan rose sharply on Wednesday after a strong rally in international bullion markets, reversing a three-day decline and pushing local rates close to record levels.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold per tola increased by Rs11,100, taking the rate to Rs488,962 in the local market.
The price of 10 grams of gold also climbed by Rs9,517 to Rs419,206, while silver prices increased by Rs223 per tola to reach Rs8,072.
International gold prices jump by $111 per ounce
The increase in Pakistan followed a major rise in the international bullion market, where gold prices surged by $111 per ounce to reach $4,666.
The sharp rebound came after gold prices had recorded declines over the previous three trading sessions in both local and global markets.
On Tuesday, gold prices in Pakistan had dropped by Rs2,100 per tola to Rs477,862, while international rates fell by $21 per ounce to $4,555.
Market uncertainty continues to influence bullion prices
Analysts said global market uncertainty, currency fluctuations and geopolitical developments continued to drive volatility in precious metal prices.
Traders noted that movements in the value of the U.S. dollar and changing investor sentiment in international markets remain key factors influencing gold prices in Pakistan.
The latest increase pushed local bullion rates significantly higher as investors continued monitoring developments in global financial and commodity markets.
Also read: Gold drops Rs3,800 per tola in Pakistan after previous day dip
Today's E-Paper