KARACHI: The gold prices in Pakistan witnessed another sharp increase on Friday, according to the All Pakistan Gems and Jewellers Association.

The price of 24-karat gold per tola rose by Rs. 1,200, reaching Rs. 363,700, while the price of 10 grams of gold climbed by Rs. 943, now standing at Rs. 311,814.

In the international market, gold prices also registered an uptick, rising by $12 to settle at $3,411 per ounce, the association added.

Earlier, Gold prices in Pakistan registered further gains in local market amid upward trend in international market.

According to the Saraffa Association, the price of 24-karat gold increased by Rs.1,000 to Rs.361,700 per tola, while the rate for 10 grams reached Rs.310,999. In the global market, gold gained $10 to trade at $3,390 per ounce.

Gold remains one of the most valuable commodities worldwide, known for its rarity, durability, and role as a hedge against inflation. It is traded as physical bullion, futures contracts, and exchange-traded funds (ETFs).

Investors typically buy gold during times of economic uncertainty because it holds value even when other assets decline. Major trading hubs include London, New York, and Shanghai, with prices influenced by interest rates, currency movements, and geopolitical events.