Gold prices continued their upward trend on Monday, rising further in both international and local markets.
As per market updates, the global bullion price increased by $16, pushing gold to $3,372 per ounce.
Spot gold also gained 0.4 percent, trading at $3,367.51 per ounce after reaching its highest level since June 23 earlier in the day.
Following the global surge, Pakistan’s domestic market also witnessed a sharp increase.
In response to the global trend, gold prices in Pakistan’s local market rose sharply. The price of 24-karat gold went up by Rs1,600 per tola, now standing at Rs359,700.
Similarly, the price of 10 grams increased by Rs1,371 to reach Rs308,384. Traders in major cities like Karachi, Lahore, and Islamabad reported high activity in the gold market, as buyers returned amid expectations of continued price gains.
Jewellers have noted that this steady increase in gold rates is encouraging many investors to treat gold as a long-term investment, particularly in light of the uncertain economic outlook and the depreciation of the Pakistani rupee.