Gold prices in Pakistan surged sharply on Friday, with the price of 24-karat gold rising by Rs12,200 per tola to reach Rs440,936.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 10 grams of 24-karat gold increased by Rs10,459, climbing to Rs378,031.
Market analysts attributed the rise to a significant increase in international gold prices, which was reflected in the domestic market. In the global market, gold gained $122 per ounce, pushing the price to $4,185 per ounce.
In Pakistan, local gold prices are generally calculated by adding a $20 premium to international rates.
Media quoted analysts as saying that the US dollar weakened after weaker-than-expected economic data emerged from parts of the US economy. Analysts said the softer dollar encouraged investors to shift toward gold as a safe-haven asset, driving international prices higher. The global rally subsequently translated into higher gold prices in Pakistan.
Meanwhile, silver prices also moved upward. The price of silver increased by Rs319 per tola, reaching Rs6,764, while the price of 10 grams of silver rose by Rs274 to Rs5,764.
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