KARACHI: Gold and silver prices increased in local and international markets on Wednesday, according to the All Pakistan Sarafa Gems and Jewellers Association.
The price of 24-karat gold rose by Rs3,500 per tola to Rs425,636 in the domestic market.
Similarly, the price of 10 grams of gold increased by Rs3,001 to Rs364,914.
In the international market, gold prices climbed by $35 to $4,031 per ounce, the association said.
Silver prices also recorded gains in local and international markets.
The price of silver increased by Rs61 per tola to Rs5,854, while the price of 10 grams of 24-karat silver rose by Rs52 to Rs5,018.
International silver prices gained $0.61 to reach $53.76 per ounce.
Gold is traditionally considered a safe-haven investment, with demand often increasing during periods of inflation, political uncertainty and economic instability.
The precious metal has been used as a store of wealth and a form of currency for centuries. Investors often turn to gold when uncertainty surrounding other assets increases.
Pakistan has also revised its gold pricing mechanism, under which domestic gold prices are set at a premium of $20 per ounce over international market rates.
