Gold rates surge by Rs4,250 per tola

KARACHI: Gold prices surged by Rs4,250 per tola on Wednesday in the local market, driven by a significant rise in the international market.

According to the All Pakistan Sarafa Gems and Jewellers Association, gold rates reached Rs287,450 per tola, marking a sharp increase from the previous day’s prices. Similarly, the price of 10-gram gold saw an upward trend, rising by Rs3,642 to settle at Rs246,440.

In the international market, gold prices jumped by $40, reaching $2,751 per ounce. The sudden rise in global prices has directly influenced the local market, where rates are typically adjusted by a premium of $20 over international rates.

Silver prices also followed the upward trend, with rates increasing by Rs59.40 to Rs3,431 per tola. Likewise, 10-gram silver rates saw a rise of Rs51.50, reaching Rs2,941. Market analysts attributed the surge in gold prices to recent political developments in the United States, particularly a change in government, which has led to heightened economic uncertainty and increased demand for safe-haven assets like gold. Investors and traders are closely monitoring the situation, anticipating further fluctuations in the market in response to global economic and political factors.