Gold prices in Pakistan increased sharply on Friday, gaining Rs2,500 per tola. The local gold rate reached Rs386,500 per tola, following a rise in international prices. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10 grams of gold sold for Rs331,361 after gaining Rs2,143 during the day.
On Thursday, gold prices had fallen by Rs4,100, settling at Rs384,000 per tola. Meanwhile, silver prices also rose, increasing by Rs130 to Rs4,456 per tola. The increase in local prices mirrored a rise in the global market, where gold gained $27 per ounce to reach $3,645 with a $20 premium.
Internationally, gold prices rose for the fourth straight week due to concerns over a weakening U.S. labor market. Investors are now expecting a Federal Reserve rate cut next week, which has boosted bullion demand. Spot gold rose 0.5% to $3,651.92 per ounce early Friday.
The price hovered near a recent record high of $3,673.95 reached earlier in the week. U.S. December gold futures also climbed by 0.5%, trading at $3,690.30 per ounce. The precious metal has gained 1.8% this week, driven by economic uncertainty.
Overall, rising global gold prices and economic factors are pushing gold and silver prices higher in Pakistan. Traders and investors continue to watch the international market closely for further changes.