Gold prices in Pakistan rose sharply on Saturday, reversing a recent downward trend in the domestic market. The increase follows a rise in international rates, signaling renewed pressure on local bullion prices.
Read More: Gold prices drop sharply in Pakistan
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola increased by Rs2,300, reaching Rs493,162 across the country. This marks a notable jump after several days of declining prices, offering a fresh direction to the market.
Similarly, the price of 10 grams of gold rose by Rs1,971, taking it to Rs422,806. Market analysts attribute the increase primarily to fluctuations in the global bullion market, which often directly impacts domestic rates in Pakistan.
In the international market, gold prices climbed by $23 per ounce, reaching $4,708. The upward trend globally has been linked to shifting investor sentiment, currency fluctuations, and ongoing geopolitical uncertainties that typically drive demand for safe-haven assets like gold.
Traders in Karachi, the country’s main bullion hub, reported renewed buying interest following the price hike. However, some buyers remained cautious, anticipating further volatility in the coming days.
Experts note that gold prices in Pakistan are closely tied to the value of the Pakistani rupee against the US dollar, as well as international market movements. Any continued rise globally could further push domestic prices higher.
Read More: Gold prices remain steady in Pakistan
The latest increase highlights the unpredictable nature of the gold market, where both global and local economic factors play a crucial role. Investors and consumers alike are now closely monitoring trends to assess whether this surge marks a sustained upward movement or a temporary fluctuation.