Gold prices in Pakistan recorded a sharp increase on Wednesday, mirroring a rise in international rates. In the local market, the price of gold per tola surged by Rs. 3,100, reaching Rs280,500, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price of 10-gram gold rose by Rs2,658, settling at Rs240,484.
This follows a Rs1,000 increase in the price of gold per tola on Tuesday, reflecting a consistent upward trend in the domestic market.
Globally, gold prices climbed to a two-week high on Wednesday, driven by escalating geopolitical tensions and expectations of another interest rate cut by the U.S. Federal Reserve next week. The international gold rate rose by $31 during the day, reaching $2,693 per ounce, including a $20 premium, as reported by APGJSA.
Silver prices in Pakistan also saw an increase, with rates rising by Rs50 to Rs3,450 per tola.
The surge in gold prices comes as investors turn to safe-haven assets amid global uncertainties. Market analysts are also closely watching the U.S. inflation report, which is expected to provide further direction for gold prices in the coming days.
