Gold prices in Pakistan jumped sharply on Thursday, with the price of 24 karat gold increasing by Rs13,700 per tola to reach Rs471,936. The latest rates were released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 10-gram gold also rose by Rs11,746, reaching Rs404,609. The latest increase came a day after gold prices fell by Rs3,700 per tola to Rs458,236, reflecting continued volatility in the local market.
In the international market, gold was trading at around $4,495 per ounce, showing a significant increase from the previous session. Spot gold later slipped from a two-month high as investors took profits. Reuters reported spot gold at $4,487.93 per ounce on Thursday after it briefly touched $4,525.79.
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Gold prices have been influenced by expectations about US monetary policy, changes in bond yields and the dollar, along with ongoing geopolitical tensions in the Middle East.
The precious metal has also made a strong recovery in August after suffering a sharp decline earlier this year, with investors once again turning to gold as a safe-haven investment.
With global bullion prices remaining volatile, movements in international gold rates and the Pakistani rupee are expected to continue affecting local gold prices in the coming days.