KARACHI: Gold prices continued their upward trend in Pakistan on Tuesday, with the price of 24-karat gold rising by Rs2,400 per tola, according to the latest rates issued by the All Pakistan Sarafa Gems and Jewellers Association.
The price of 24-karat gold increased to Rs459,736 per tola, compared with Rs457,336 in the previous session. The price of 10 grams of 24-karat gold also rose by Rs2,058 to Rs394,149, while 10 grams of 22-karat gold increased by Rs1,887 to Rs361,316.
The latest increase comes a day after gold had gained Rs800 per tola in the local market, taking its price to Rs457,336.
Gold also strengthened in the international market, where its price increased by $24 to $4,373 per ounce. The global bullion market has remained volatile, with investors closely watching inflation data and the outlook for interest rates. Gold recently touched a more than two-month high before easing amid renewed concerns over inflation and interest rates.
Meanwhile, silver prices also moved higher in the local market.
The price of 24-karat silver increased by Rs62 per tola to Rs6,965, while the price of 10 grams of silver rose by Rs53 to Rs5,971. International silver prices also gained 62 cents to $64.86 per ounce.
The continued rise in domestic bullion prices reflects the combined impact of international gold prices and movements in the interbank exchange rate, which remain key factors in determining precious-metal rates in Pakistan.
With global markets awaiting important US inflation data and uncertainty surrounding monetary policy, bullion prices are expected to remain volatile in the near term.
