KARACHI: Gold prices rose in international and domestic markets on Friday, with the global rate increasing by $59 per ounce and the local price climbing by Rs5,900 per tola.
In the international bullion market, gold prices increased to $4,184 per ounce.
Following the global trend, the price of gold in Pakistan’s local markets rose to Rs440,936 per tola, according to market data.
The price of 10 grams of gold also increased by Rs5,058 to Rs378,031.
Silver prices also recorded gains in the domestic market. The price of silver rose by Rs144 per tola to Rs6,512, while the rate for 10 grams increased by Rs123 to Rs5,582.
Gold is traditionally regarded as a safe-haven asset, with demand often increasing during periods of inflation and economic or political uncertainty.
Pakistan recently changed its mechanism for determining domestic gold prices, setting the local rate at $20 per ounce above the international market price.
Earlier, Gold prices fell in both global and local markets on Wednesday, with international prices declining by $31 per ounce and domestic prices dropping by Rs3,100 per tola.
In the international bullion market, gold fell $31 to $4,119 per ounce.
Following the decline in global prices, gold in local Sarafa markets fell by Rs3,100 per tola to Rs434,436.
The price of 10 grams of gold decreased by Rs2,658 to Rs372,458.
Silver prices also declined in global and local markets. International silver fell $1 per ounce to $60.10.
In the domestic market, the price of silver decreased by Rs100 per tola to Rs6,488, while the price of 10 grams fell by Rs86 to Rs5,562.
