KARACHI: Gold prices witnessed a sharp rebound in both international and local markets on Thursday after declining a day earlier.
In the international bullion market, the price of gold rose by $50 per ounce, pushing the global rate to $4,530 per ounce.
Following the upward trend in the global market, local bullion markets also recorded a significant increase in gold prices during the fourth trading day of the week.
The price of 24-karat gold per tola surged by Rs.5,000, reaching Rs.475,362 in the local market.
Similarly, the price of 10 grams of gold increased by Rs.4,287 to settle at Rs.407,546.
Meanwhile, silver prices also moved upward across the country. The price of silver per tola climbed by Rs.60 to Rs.8,034, while the rate for 10 grams of silver increased by Rs.51 to Rs6,887.
A day earlier, gold prices had dropped sharply, with the international market declining by $68 per ounce to $4,480. In the domestic market, gold prices had fallen by Rs6,800 per tola to Rs470,362, while the price of 10 grams had decreased by Rs5,830 to Rs403,259.
More read, Pakistan sees major decline in gold and silver prices
Gold is traditionally considered a safe-haven investment and tends to gain value during periods of inflation and political or economic uncertainty.
Pakistan revised its gold pricing mechanism last year, under which domestic gold prices are set at $20 per ounce above international market rates.
