Gold prices in Pakistan surged Rs10,000 per tola on Wednesday as the international bullion markets witnessed a strong rally.

The latest market update showed the rate of 24-karat gold at Rs437,936 per tola, while the rate for 10 grams increased by Rs8,573 to Rs375,459. Wednesday’s gains come after gold prices tumbled Rs500 a day earlier.

The rise was supported by a sharp increase in gold prices overseas, which shot up $100 an ounce to $4,155, including a $20-an-ounce premium. Bullion prices in Pakistan are closely linked with the world trends and any significant fluctuation in the international prices is reflected in the local rates quickly.

Silver also took part in the rally. The new rate of silver was Rs6,624 per tola, up Rs273 per tola.

Bullion traders said the latest rally in precious metal prices was driven by rising global demand for safe haven assets and persistent economic uncertainty. Gold in Lahore was traded Rs432,500 to Rs433,500 per tola while Pathoor Rs426,000 to Rs428,000 depending on market conditions.

With global markets remaining volatile, experts believe gold prices could continue to fluctuate in the coming days. If you are looking to buy jewellery or invest in the precious metals you should keep a close eye on the daily gold rates as the international price movements and currency trends are likely to remain the biggest drivers of Pakistan’s bullion market.

Credit: Independent News Pakistan (INP)