KARACHI: The gold prices in Pakistan registered another significant increase on Wednesday with the per tola rate surpassing Rs528, 000 amid a continued rally in the international market.
According to details, gold prices have been rising steadily in both global and local markets. In the domestic bullion market, the price of gold per tola increased by Rs2, 300, reaching Rs528, 562.
Similarly, the price of 10 grams of gold climbed by Rs1, 972 to settle at Rs453,156.
In the international market, gold prices also witnessed an upward trend. The price per ounce rose by $23, reaching $5,058.
Silver prices followed the same trajectory. The price of silver per tola increased by Rs120, bringing it to Rs8, 735.
Market analysts attribute the persistent surge in gold prices to strong momentum in the global bullion market and fluctuations in the value of the Pakistani rupee against the US dollar.
Gold has traditionally been regarded as a safe-haven investment. Its value typically rises during periods of inflation, political uncertainty, and economic instability.
For centuries, gold has served as a form of currency and store of wealth. Investors often turn to gold when they feel uncertain about other asset classes.
It is worth mentioning that last year Pakistan revised its gold pricing mechanism. Under the new system, the local gold price is set at $20 per ounce above the international market rate.
