Gold prices recorded another sharp increase on Thursday, with local rates rising for the second consecutive day amid volatility in international markets linked to expectations surrounding a possible Iran-US deal.
According to the All Pakistan Sarafa Gems and Jewelers Association, the price of gold per tola in Pakistan increased by Rs. 7,800 to reach Rs. 496,762.
Over the last two days, gold prices have surged by around Rs. 19,000 per tola in the local market, reflecting sharp movements in global bullion prices and investor uncertainty surrounding geopolitical developments.
The price of 10 grams of gold also increased by Rs. 6,687 to Rs. 425,893. Meanwhile, silver prices also moved higher, with per tola silver gaining Rs. 373 to reach Rs. 8,445.
In the international market, gold prices rose by $78 per ounce, taking global bullion rates to $4,744 per ounce.
Market analysts said safe haven demand for gold has remained elevated amid uncertainty over Iran US negotiations, Middle East tensions, and concerns regarding the direction of global financial markets.
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