KARACHI: Gold prices rose sharply in Pakistan on Thursday, tracking gains in the international bullion market.
According to local bullion market data, the price of one tola of gold increased by Rs3,600, taking it to Rs433,836.
The price of 10 grams of gold climbed by Rs3,086 to Rs371,944.
In the international market, gold gained $36 per ounce, pushing the price to $4,113 per ounce, which supported the rise in domestic bullion prices.
Local gold prices generally move in line with international market trends and fluctuations in the exchange rate.
Meanwhile, silver prices remained unchanged in both international and domestic markets, despite a sharp increase in gold prices.
In the international market, silver held steady at $59.42 per ounce, with no change from the previous session.
Reflecting the stable global trend, Pakistan's local bullion market also kept silver prices unchanged. The price of one tola of silver remained at Rs6,421, while 10 grams of silver held firm at Rs5,504.
The steady performance of silver contrasted with gold, which posted significant gains in both global and domestic markets during the day.
Gold has traditionally been regarded as a safe-haven investment because its value tends to rise during periods of inflation, political uncertainty and economic instability.
For centuries, gold has served as a store of wealth and a form of currency. When investors lose confidence in other asset classes, they often turn to gold as a relatively stable investment to preserve their wealth.
More read, Gold drops Rs 4,700 per tola in Pakistan
In Pakistan, the mechanism for setting domestic gold prices was revised last year. Under the updated formula, local gold prices are calculated based on the international market rate plus a premium of $20 per ounce, reflecting domestic pricing adjustments.
