Gold sees sharp increase in both local and international markets

Gold prices have witnessed a substantial increase in both international and local markets today, with a rise of Rs4,800 in the local market.

In the global bullion market, the price of gold per ounce surged by $47, reaching a new level of $2,916.

This increase in international bullion prices has had a direct impact on local markets as well. In Pakistan's local bullion markets, the price of 24-carat gold per tola rose by Rs4,800, reaching Rs306,300.

Additionally, the price of gold per 10 grams increased by Rs4,115, bringing the total to Rs262,602.

Silver also saw a price hike, with the cost of per tola silver rising by Rs48, reaching Rs3,315. Similarly, the price of silver per 10 grams increased by Rs39, reaching Rs2,842.

Pakistan is a net importer of gold, hence, a rise in international markets translates into an increase in prices in the domestic market.

All Sindh Saraf Jewellers Association (ASSJA) determines gold prices in Pakistan for local markets six days a week from Monday to Saturday. Apart from changes in international price, the rupee-dollar parity also impact local pricing.