ISLAMABAD: Gold prices in Pakistan recorded a significant increase on Friday after declining for five consecutive days, with the price of gold per tola rising by Rs4,700.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of one tola of gold increased to Rs453,036.
The price of 10 grams of gold also rose by Rs4,029, reaching Rs388,404.
The increase in domestic gold prices came amid a rise in international bullion prices. The association reported that the international price of gold increased by $47 to $4,305 per ounce.
Silver prices also moved higher in the local market, with the price of one tola of silver increasing by Rs126 to Rs6,963.
In the international market, spot gold edged up 0.2% to $4,288.36 per ounce on Friday. Despite the daily increase, gold remained on track for a weekly decline of around 2%.
US gold futures rose 0.6% to $4,323.10 per ounce.
Among other precious metals, silver declined 0.1% to $63.81 per ounce, while platinum rose 0.5% to $1,756.90. Palladium fell 1.3% to $1,257.56 per ounce.
Market experts expect demand for gold as a safe-haven asset to remain supported amid geopolitical tensions and rising government debt levels.
