In the local market, the price of gold jumped by Rs5,200 per tola, taking the new price to Rs477,136 per tola.
KARACHI: 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.
Silver prices also recorded gains. The price of silver rose by Rs210 per tola to Rs7,379, while the price of 10 grams increased by Rs180 to Rs6,326.
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.
More read, Gold prices surge in global and local markets
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.
