KARACHI: Gold prices recorded a sharp increase in Pakistan on Tuesday, reversing losses from the previous session and reaching a new high amid gains in international bullion markets.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold rose by Rs2,830 per tola to Rs455,063 in the local market.

The price of 10 grams of gold also increased by Rs2,547, reaching Rs389,534.

Silver prices followed the upward trend, with the per-tola rate climbing by Rs141 to settle at Rs7,314.

The latest increase comes a day after the domestic gold market witnessed a significant decline. On Monday, the price of 24-karat gold had fallen by Rs3,094 per tola to Rs452,233, while the rate for 10 grams dropped by Rs2,785 to Rs386,987.

Gold Extends Losing Streak, Bringing Relief for Buyers

Tuesday’s gains not only recovered most of the previous session’s losses but also pushed gold prices to a fresh record level in the local market.

Market analysts attributed the rise to positive movement in international gold prices, which continue to influence domestic bullion rates. Investors are also closely monitoring global economic developments, currency fluctuations and geopolitical tensions that impact demand for safe-haven assets such as gold.

Silver also rebounded after losses in the previous session. On Monday, silver prices had fallen by Rs94 per tola to Rs7,173, while the price of 10 grams stood at Rs6,116.

Traders expect precious metal prices to remain volatile in the coming days as international markets react to economic data and developments affecting investor sentiment.