KARACHI: After a two-day pause, gold prices in both international and local markets witnessed a sharp surge on Thursday.
In the international bullion market, the price of gold per ounce rose dramatically by $83, bringing the new global rate to $4,207 per ounce.
Following the global trend, gold prices in Pakistan’s local bullion markets also saw a major increase. The price of 24-karat gold jumped by Rs8,300 per tola, reaching Rs443,062, while the 10-gram price climbed by Rs7,116, settling at Rs379,854.
Read More: Gold prices rebound sharply after two-day decline
Market analysts attributed the renewed uptrend to investors turning to gold as a safe haven amid concerns over asset devaluation and growing demand from BRICS countries. This shift, they said, has reversed the brief downward trend seen earlier in both global and domestic markets.
Meanwhile, silver prices also rose notably in Pakistan. The price for one tola of silver increased by Rs228, reaching Rs5,662, while the 10-gram rate went up by Rs196, settling at Rs4,854.