Gold prices increased sharply in Pakistan as rates also moved higher in the international market.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold increased by Rs4,200 per tola.
Following the latest increase, the price of one tola of 24-karat gold reached Rs487,136 in the local market.
The price of 10 grams of gold also recorded an increase. It went up by Rs3,601, taking the new price to Rs417,640.
Latest gold and silver prices
In the international market, gold prices increased by $42 per ounce. Following the increase, the international price of gold reached $4,646 per ounce.
Changes in international gold rates can have a direct impact on prices in Pakistan. Local rates can also be affected by changes in the value of the Pakistani rupee against the US dollar.
Gold is widely purchased in Pakistan for jewellery, weddings, savings and investment. Therefore, major changes in its price can affect both buyers and businesses in the jewellery market.
While gold became more expensive, silver prices remained unchanged.
According to the latest rates, the price of one tola of silver remained at Rs7,379.
Gold prices can change regularly because of movements in global markets, exchange rates and demand. Buyers and investors are therefore advised to check the latest market rates before making a purchase.
Also read: Gold price in Pakistan surges Rs5,700 as global rates hit three-month high