KARACHI: Gold prices surged in Pakistan on Saturday, tracking gains in the international bullion market, with both gold and silver recording notable increases.
According to market data, the price of 24-karat gold per tola rose by Rs2,400 to reach Rs424,236. The price of 10 grams of gold increased by Rs2,057, settling at Rs363,713.
The rise followed a stronger trend in global markets, where the price of gold climbed by $24 to $4,018 per ounce, reflecting continued investor demand for the precious metal.
Meanwhile, silver prices also moved higher in the local market. The price of one tola of silver increased by Rs41, reaching Rs6,070.
Gold has traditionally been regarded as a safe-haven investment, with its value typically rising during periods of inflation, political uncertainty and economic instability.
For centuries, gold has served as both a store of wealth and a form of currency. Investors often turn to the precious metal when confidence in other asset classes weakens, making it a preferred hedge against market volatility.
Last year, Pakistan revised its mechanism for determining domestic gold prices. Under the new formula, the local gold price is set at $20 per ounce above the prevailing international market rate, reflecting adjustments made by the country’s bullion pricing system.
More read, Gold prices fall sharply in Pakistan as global rates decline
Earlier, Gold prices dropped significantly in Pakistan on Friday, with the price of one tola falling by Rs3,600 in line with a decline in international bullion markets.
According to the latest market rates, the price of one tola of gold decreased to Rs421,836, while the price of 10 grams of gold fell by Rs3,086 to Rs361,656.
In the international market, gold prices declined by $36 per ounce, bringing the global price to $3,994 per ounce, contributing to the downward trend in domestic rates.
