KARACHI: Gold prices surged sharply in international and local markets on Thursday, with the precious metal gaining $137 per ounce in the global bullion market.
The increase pushed the international price of gold to $4,495 per ounce, according to market data.
The rise in global prices also drove a major increase in Pakistan’s local bullion market. The price of gold rose by Rs13,700 per tola, taking the new rate to Rs 471,936 per tola.
The price of 10 grams of gold increased by Rs11,746 to Rs 404,609 rupees.
Silver prices also recorded gains in the local market. The price of silver rose by 317 rupees per tola to 7,169 rupees, while the price for 10 grams increased by the same amount to 6,146 rupees.
The sharp movement in local prices came as domestic bullion markets tracked the strong rise in international gold prices.
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.
More read, Gold prices rise in global and local markets
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.
