With the price of 24-karat gold rising by Rs5,100 per tola to Rs454,336.
KARACHI: Gold and silver prices continued their upward trend on Friday, with gold posting gains for a third consecutive trading session amid a sharp increase in international bullion markets.
In the global bullion market, gold rose by $51 per ounce to $4,319, providing further momentum to precious metal prices worldwide.
Following the international rally, Pakistan’s local bullion market recorded a significant increase, with the price of 24-karat gold rising by Rs5,100 per tola to Rs454,336. The price of 10 grams of gold increased by Rs4,372 to Rs389,519.
Silver prices also climbed in international markets, where the metal gained $2.80 per ounce to reach $64.60.
Reflecting the global trend, domestic silver prices increased by Rs280 per tola to Rs6,939, while the price of 10 grams of silver rose by Rs240 to Rs5,949.
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, Pakistan gold market records major price hike
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.
