Web Desk: Gold prices in Pakistan climbed sharply on Monday, with the price of a tola rising by Rs4,200 as a strong rally in international bullion markets pushed local prices to a new record.
The latest increase has added to the upward momentum in Pakistan’s precious metals market, where gold prices have risen significantly in recent trading sessions.
According to market data, the price of 24-karat gold rose to Rs487,136 per tola from Rs482,936 previously.
The price of 10 grams also increased by Rs3,601, reaching Rs417,640.
The latest jump follows another substantial increase recorded on Aug. 22, when the price of a tola rose by Rs5,700 and 10 grams by Rs4,972.
The latest rise in Pakistan largely followed a surge in international gold prices.
Gold gained $42 per ounce in global markets to reach $4,646, providing a strong push to domestic bullion prices.
Because Pakistan’s local gold market remains closely linked to international bullion prices, movements in global markets can quickly feed through to domestic rates.
Market analysts have attributed the broader gold rally to heightened economic uncertainty, persistent inflation concerns and growing demand for assets viewed as safer stores of value.
Investors often turn toward gold during periods of financial and geopolitical uncertainty as they seek protection from volatility in currencies and other markets.
The stronger international rally has consequently placed additional pressure on local prices.
While gold recorded another sharp increase, silver prices remained stable in Pakistan.
The price of a tola of silver stood at Rs7,379, unchanged from the previous session.
The continued rise in gold prices, however, is putting pressure on consumers and jewelers as the cost of the precious metal reaches unprecedented levels in the domestic market.
With international gold prices continuing to influence local bullion rates, market participants will be closely watching global economic developments for signs of whether the rally will continue.
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