Gold prices continued to rise in global and local markets on Friday, with the international price climbing by $39 per ounce to reach $4,466.
The increase was attributed to weak US economic data, a rise in unemployment and expectations that the Federal Reserve may cut interest rates. Buying activity by central banks in several countries also supported demand for the precious metal.
In Pakistan, the rise in international prices pushed the local gold rate up by Rs3,900 per tola to Rs469,136. The price of 10 grams of gold increased by Rs3,344 to Rs402,208.
Silver prices also moved higher in international and local markets. The international price of silver increased by $1.17 per ounce to $66.82.
In local markets, the price of silver rose by Rs117 per tola to Rs7,161, while the price of 10 grams increased by Rs100 to Rs6,139.
Gold has traditionally been regarded as a safe-haven investment because its value tends to rise during periods of inflation, political uncertainty and economic instability.
For centuries, gold has served as a store of wealth and a form of currency. When investors lose confidence in other asset classes, they often turn to gold as a relatively stable investment to preserve their wealth.
More read, https://www.bolnews.com/business/gold-rate-rises-to-rs465236-per-tola-in-pakistan
In Pakistan, the mechanism for setting domestic gold prices was revised last year. Under the updated formula, local gold prices are calculated based on the international market rate plus a premium of $20 per ounce, reflecting domestic pricing adjustments.
