Gold prices rose sharply in both international and local markets on Thursday. In the global bullion market, the price of gold per ounce climbed by $78, taking the new international rate to $4,744.
According to the All-Pakistan Gems and Jewellers Sarafa Association, the rise in global prices also pushed up local gold rates. The price of gold per tola in Pakistan increased by Rs7,800, reaching Rs496,762.
Similarly, the price of 10 grams of gold went up by Rs6,687 and settled at Rs390,416.
Silver prices also moved upward in local markets. The price of silver per tola increased by Rs373 to Rs8,445, while the rate for 10 grams of silver rose by Rs320 to Rs7,240.
Read Also: Gold prices decline by Rs2,100 per tola in Pakistan
The latest jump came after another major increase on Wednesday, when gold per tola gained Rs11,100 to close at Rs488,962. At the same time, the price of 10 grams of gold increased by Rs9,517 to Rs419,206.
Silver also witnessed an upward trend on Wednesday. The price per tola rose by Rs223 to Rs8,072, while the price per 10 grams rose by Rs191 to Rs6,920.
Earlier on Tuesday, gold prices had declined by Rs2,100 per tola to Rs477,862, according to the All-Pakistan Gems and Jewellers Sarafa Association. The price of 10 grams of gold also dropped by Rs1,801 to Rs409,689, while silver prices fell by Rs65 to Rs7,849 per tola.
In the international bullion market, gold prices had fallen by $21 per ounce, bringing the rate down to $4,555.
On Monday, gold prices per tola decreased by Rs3,800 to Rs479,962, while the price of 10 grams declined by Rs3,257 to Rs411,490, reflecting a broader downward trend in the market. Silver prices also fell by Rs100 to Rs7,914 per tola.
Globally, spot gold dropped 1.9 percent to $4,526.88 per ounce, while US gold futures declined 2.3 percent to $4,537.90, showing continued pressure in the bullion market.