KARACHI: The price of gold in Pakistan saw another sharp rise on Thursday, increasing by Rs1,900 per tola to reach Rs442,800, according to figures released by the All Pakistan Gems and Jewellers Association (APGJA).

Similarly, the price of 10 grams of 24-karat gold rose by Rs1,629, bringing it to Rs379,629.

In the international market, gold prices also witnessed an upward movement, climbing by $19 to settle at $4,217 per ounce.

Jewellers attributed the continuous increase in domestic prices to a combination of global market volatility and exchange rate fluctuations, which have kept bullion prices at record highs in the local market.

Earlier, Gold prices in Pakistan continued their upward trend as the precious metal climbed to a new all-time high in the local and global markets.

The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported a sharp increase in gold prices. The price of 24-karat gold rose by Rs5,800 per tola, reaching Rs440,900 in the local market.

Similarly, the rate for 10 grams of 24-karat gold went up by Rs4,972 to reach Rs378,000. For 10 grams of 22-karat gold, the price increased by Rs4,558, making it Rs346,512.

In the international market, gold prices also climbed by $58 to reach $4,198 per ounce. Experts say the rise in global gold prices is mainly due to growing investor interest caused by economic uncertainty and unstable currency values.