According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 10 grams of gold increased by Rs5,058 to Rs378,031.
In the international market, gold prices rose by $59 per ounce to reach $4,184. The increase followed a rise of Rs600 per tola recorded a day earlier, according to the report.
Gold prices fluctuate due to changes in international market rates, the value of the US dollar, global economic uncertainty and geopolitical tensions, the jewellers’ association said.
During periods of economic and political uncertainty, investors often turn to gold as a safe-haven asset. Higher demand can push up prices in both international and domestic markets.
Further fluctuations in Pakistan’s gold prices are likely to depend on movements in global gold rates, the dollar’s value and international developments.
