Gold price surges by Rs5, 100 per tola in Pakistan

KARACHI: The gold prices in Pakistan rose sharply for the second consecutive day, according to the All Pakistan Gems and Jewellers Association.

The price of gold increased by Rs5, 100, reaching Rs398, 800 per tola. Meanwhile, the rate of 10 grams rose by Rs4, 372 to Rs341, 906.

In the international market, gold gained $51, reaching $3,770 per ounce. A day earlier, domestic prices had already surged by Rs3, 400 to Rs393,700 per tola.

Earlier, Gold prices in Pakistan remained steady in line with the trend in international market.

According to the Saraffa Association, the opening price of 24-karat gold per tola stood at 387,500 while the rate for 10 grams stood at Rs332,218.

Gold is a valuable commodity widely traded in global markets. Known for its rarity and durability, gold has been used for centuries as a store of value and hedge against inflation. It is traded in various forms, including physical bullion, futures contracts, and exchange-traded funds (ETFs).

Investors often turn to gold during economic uncertainty, as it tends to retain value when other assets decline. Major trading centers include London, New York, and Shanghai. Gold prices are influenced by factors like interest rates, currency strength, and geopolitical events, making it a crucial component of diversified investment portfolios.