According to the Gems and Jewellers Association, the price of 24-karat gold in the local market increased by Rs6,900 per tola on Friday, taking the price to Rs460,336 per tola.
The price of 10 grams of gold also increased by Rs5,914, reaching Rs394,663. In the international market, gold prices rose by $69, taking the price to $4,378 per ounce.
According to Reuters, gold prices rose for the second consecutive session as crude oil prices continued to decline, pushing gold to its highest level of the week.
The report said one of the major reasons behind the increase in gold prices was weakness in the crude oil market.
Global investors are monitoring developments in global energy markets while also closely watching the impact of the Middle East conflict and interest rate increases by central banks around the world.
The US Federal Reserve also raised interest rates on Wednesday and indicated that further increases could follow in the coming months.
Gold is generally considered a safe investment against inflation. However, experts say that higher interest rates can reduce the attractiveness of gold as an investment.
