KARACHI: Gold prices in Pakistan posted a sharp rebound on Thursday after a sustained downward trend, according to the All Pakistan Gems and Jewellers Association.
The association said the price of 24-karat gold per tola jumped by Rs. 9,100, taking it to Rs. 428,736.
Similarly, the price of 10 grams of 24-karat gold increased by Rs. 7,802 to Rs. 367,572.
The domestic rally followed a strong gain in the international bullion market, where the price of gold rose by $91 to $4,063 per ounce, contributing to the sharp increase in local rates.
Meanwhile, silver prices also moved higher in the domestic market. The price of silver per tola increased by Rs. 203 to Rs. 6,445, while the price of 10 grams of silver rose by Rs. 174 to Rs. 5,525.
Gold is traditionally regarded as a safe-haven investment, with demand often rising during periods of inflation and political or economic uncertainty. Investors typically turn to the precious metal when confidence in other Pakistan revised its gold pricing mechanism last year, setting domestic prices at $20 per ounce above international market rates.
More read, Gold prices record sharp decline in Pakistan
Earlier, Gold prices in Pakistan recorded a sharp decline after a prolonged upward trend, with the price of 24-karat gold falling by Rs.10,100 per tola to Rs. 432,236, according to the All Pakistan Sarafa Gems and Jewelers Association.
The association said the price of 10 grams of gold dropped by Rs. 9,360 to Rs.368,985.
The decline mirrored losses in international markets, where gold prices fell by $104 per ounce to $4,098.
Silver prices also moved lower. The price of silver decreased by Rs.487 per tola to Rs. 6,664, the association said.
