Karachi (Web Desk): Gold prices in Pakistan continued their upward trend, with the price of a tola crossing the Rs469,000 mark following another increase in the local market.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold rose by Rs3,900 per tola, taking the new rate to Rs469,136.
Gold had already recorded a sharp increase of Rs11,200 per tola a day earlier. With the latest rise, the precious metal has become Rs15,100 more expensive in just two days.
The price of 10 grams of gold also went up by Rs3,344, reaching Rs402,208.
In the international market, gold prices also moved higher, with the price of an ounce increasing by $39 to reach $4,466.
Market analysts attribute the recent rise to several factors, including fluctuations in international gold prices, changes in the value of the US dollar, growing uncertainty surrounding the global economy and geopolitical tensions.
Gold is widely viewed as a safe-haven asset, particularly during periods of political and economic uncertainty. As investors turn towards the precious metal to protect their wealth, increased demand can push prices higher.
Expectations of lower interest rates also tend to support gold prices. When interest rates decline, non-interest-bearing assets such as gold become relatively more attractive to investors.
In Pakistan, local gold prices are influenced not only by international market trends but also by the rupee-dollar exchange rate. A rise in global gold prices or a weakening of the rupee can further increase the cost of gold in the domestic market.
The latest surge has increased the financial burden on consumers looking to purchase jewellery, while investors are closely monitoring market movements amid expectations of further volatility in gold prices.