KARACHI: Gold prices recorded a sharp increase in both international and local bullion markets, with rates in Pakistan climbing to fresh highs following a strong rally in global prices.

According to market data, the international price of gold rose by $78 per ounce, pushing the global rate to $4,744 per ounce. The increase also impacted local bullion markets, where gold prices continued their upward trend.

In Pakistan, the price of 24-karat gold per tola increased by Rs7,800, reaching Rs496,762 in local markets.

The rise follows another major increase recorded a day earlier, when the price of gold per tola surged by Rs11,100 to settle at Rs488,962, according to the All Pakistan Sarafa Gems and Jewellers Association.

Gold prices surge in Pakistan as global bullion market jumps

The price of 10 grams of gold also rose by Rs9,517, reaching Rs419,206.

Silver prices moved upward as well, with the rate per tola increasing by Rs223 to Rs8,072.

In the international bullion market, gold prices had already climbed by $111 per ounce during the previous trading session, taking the global rate to $4,666 before the latest increase.

Market analysts attribute recent fluctuations in gold prices to ongoing volatility in international financial markets and changing investor demand for safe-haven assets.