KARACHI Gold prices rose sharply in Pakistan on Friday, with the price of one tola increasing by Rs6,900 to Rs460,336, according to the All Pakistan Gems and Jewellers Sarafa Association.
The price of 10 grams of gold increased by Rs5,423 to Rs394,663.
Gold prices also rose in the international market, with the price of an ounce increasing by $69 to $4,378.
Meanwhile, the price of silver increased by Rs300 per tola to Rs7,169 in local markets.
Gold has traditionally been regarded as a safe-haven investment because its value tends to rise during periods of inflation, political uncertainty and economic instability.
For centuries, gold has served as a store of wealth and a form of currency. When investors lose confidence in other asset classes, they often turn to gold as a relatively stable investment to preserve their wealth.
In Pakistan, the mechanism for setting domestic gold prices was revised last year. Under the updated formula, local gold prices are calculated based on the international market rate plus a premium of $20 per ounce, reflecting domestic pricing adjustments.
Earlier, Gold and silver prices rose in Pakistan on Wednesday, with the price of gold increasing by Rs7,900 per tola.
According to market data, the price of gold reached Rs457,236 per tola, while the price of 10 grams increased by Rs6,773 to Rs392,006.
In the international market, gold gained $79 per ounce to reach $4,347.
Silver prices also increased, with the price per tola rising by Rs140 to Rs6,942.
The price of 10 grams of silver increased by Rs120 to Rs5,951, while international silver prices reached $64.64 per ounce.