ISLAMABAD: Gold price in Pakistan soared on Monday, mirroring gains in the international bullion market, according to the latest rates released by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 24-karat gold increased by Rs1,700 per tola to Rs428,436, recovering part of the losses recorded in the previous trading session. On Saturday, gold had fallen by Rs3,700 per tola to settle at Rs426,736.
The price of 10 grams of 24-karat gold also climbed by Rs1,457 to Rs367,314 in the domestic market.
Traders attributed the increase to higher international bullion prices, as investors sought safe-haven assets amid persistent uncertainty over the global economic outlook and expectations for future interest rate decisions.
In the international market, gold gained $17 per ounce, pushing the price to $4,060 per ounce, including a $20 premium.
Domestic gold prices in Pakistan typically track movements in global bullion markets and are also influenced by fluctuations in the Pakistani rupee against the US dollar.
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Silver prices also moved higher. The price of silver rose by Rs54 per tola to Rs6,291 in the local market.
