Gold prices in Pakistan surged sharply on September 3, with the price of 24-karat gold rising by Rs11,200 per tola amid a strong increase in international bullion rates.

Gold prices in Pakistan recorded a significant increase on Thursday, adding Rs11,200 per tola as local bullion rates followed a sharp rise in the international gold market.

According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold increased to Rs465,236 per tola, compared with Rs454,036 at the previous session’s close.

The latest increase represents a notable jump in the local gold market, raising the cost of the precious metal for consumers and investors.

The price of 24-karat gold per 10 grams also climbed during the session. It increased by Rs9,602 to reach Rs398,864, compared with Rs389,262 recorded a day earlier.

International gold prices surge

The rise in Pakistan’s gold prices came as international bullion rates also posted a substantial increase.

Gold prices in the international market rose by $112 per ounce, reaching $4,427 per ounce, compared with the previous session’s closing price of $4,315.

The sharp movement in international gold prices provided further support to local bullion rates, contributing to the substantial increase recorded in Pakistan.

Gold remains a closely watched asset in Pakistan, with domestic prices generally influenced by movements in international bullion markets as well as currency exchange rates.

The latest increase could attract renewed attention from investors and consumers looking to preserve wealth through precious metals, while also increasing the cost of gold jewellery and other products.

Market participants will continue to monitor international gold prices and currency movements for further direction in local gold rates in the coming sessions.