In the international market, gold prices also climbed, rising $42 to $4,646 per ounce.
KARACHI: Gold prices rose again in Pakistan on Monday, with the price of one tola increasing by Rs4,200 to Rs487,136, according to the All Pakistan Gems and Jewellers Association.
In the international market, gold prices also climbed, rising $42 to $4,646 per ounce.
Gold prices in Pakistan have increased by Rs10,900 over the past two days. With Monday’s latest increase, the price of gold has risen by a total of Rs15,100 over three consecutive trading days.
The latest gains come amid continued strength in international gold prices, which have also contributed to the rise in domestic rates.
Gold has traditionally been regarded as a safe-haven investment, with its value typically rising during periods of inflation, political uncertainty and economic instability.
For centuries, gold has served as both a store of wealth and a form of currency. Investors often turn to the precious metal when confidence in other asset classes weakens, making it a preferred hedge against market volatility.
Last year, Pakistan revised its mechanism for determining domestic gold prices. Under the new formula, the local gold price is set at $20 per ounce above the prevailing international market rate, reflecting adjustments made by the country’s bullion pricing system.
More read, Gold prices surge for second straight day in Pakistan
Earlier, Gold prices in Pakistan rose sharply for a second consecutive day on Friday, following a significant increase in international bullion markets.
The international price of gold increased by $52 per ounce, reaching $4,547 per ounce.
In the local market, the price of gold jumped by Rs5,200 per tola, taking the new price to Rs477,136 per tola, according to market data.
The price of 10 grams of gold increased by Rs4,458 to Rs409,067.
