Gold prices in Pakistan rose on Wednesday, with 24-karat gold gaining Rs800 per tola as volatility in international bullion markets continued to influence domestic rates.

KARACHI: Gold prices in Pakistan edged higher on Wednesday, with the price of 24-karat gold increasing by Rs800 per tola amid continued volatility in international markets.

According to the All Pakistan Gems and Jewellers Association, the price of 24-karat gold rose to Rs462,936 per tola, compared with the previous day’s closing price of Rs462,136 in the domestic bullion market.

The price of 24-karat gold also increased by Rs686 per 10 grams to Rs396,893, against the previous closing price of Rs396,207.

International gold prices gain

Bullion market experts attributed the increase in local gold prices to gains in international bullion markets.

They said gold prices remained volatile as concerns over global inflation and uncertainty surrounding the Middle East continued to influence investor sentiment.

In the international market, gold gained $8 per ounce, rising to $4,404 from the previous day’s closing level of $4,396.

Market participants are closely monitoring global economic indicators and geopolitical developments, which continue to affect demand for gold as a traditional safe-haven asset.

Rupee and global markets to influence gold rates

The movement in international gold prices, along with fluctuations in the Pakistani rupee and local market conditions, is likely to remain a key factor determining domestic bullion rates in the coming sessions.

With global markets remaining sensitive to inflationary pressures and geopolitical uncertainty, investors are expected to continue monitoring developments that could influence the direction of gold prices in Pakistan.