The price of gold rose by Rs 4,700 per tola, taking the rate to Rs 429,236.
KARACHI: Gold prices in Pakistan climbed for a second consecutive day on Tuesday, with the price of one tola reaching a new record high after a sharp increase in the local bullion market.
According to the All Pakistan Gems and Jewellers Association, the price of gold rose by Rs 4,700 per tola, taking the rate to Rs 429,236.
The association said the price of 10 grams of gold increased by Rs 4,029 to Rs 368,000.
The rise followed gains in the international bullion market, where gold prices increased by $47 to $4,068 per ounce, pushing domestic prices higher.
Silver prices also moved higher in the domestic market. The price of one tola of silver rose by Rs219 to Rs. 6,396, while the price of 10 grams increased by Rs188 to Rs. 5,483, according to market data.
On the previous trading day, the price of one tola of gold had increased by Rs300, closing at Rs. 424,536 before Tuesday’s sharp rise.
More read, Gold, silver prices climb in Pakistan following global market rally
Earlier, 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.
