Gold prices rise again, sustaining upward trend in local and global markets

After a rally of price decreases last week, gold prices have reversed course, seeing an increase in both local and international markets.

According to reports, the price of gold in the international bullion market rose by $5 per ounce, reaching $2,921.

As a result of the global price hike, local bullion markets also recorded an increase on Wednesday.

The price of 24-carat gold per tola (11.66 grams) rose by Rs700, reaching Rs307,000. Meanwhile, the price of gold per 10 grams increased by Rs601, reaching Rs263,203.

In a similar trend, silver prices also surged, with the price of one tola (11.66 grams) increasing by Rs54, reaching Rs3,369, while the price per 10 grams rose by Rs46, reaching Rs2,888.

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.