Gold prices in Pakistan surge again after brief dip

KARACHI: Gold prices recorded a sharp increase in the local market on Wednesday, reversing the decline seen a day earlier and once again highlighting ongoing volatility in precious metal rates.

According to the All Pakistan Sarafa Association, the price of gold per tola rose by Rs 2,700, taking the new rate to Rs 400,53,562 per tola. Similarly, the price of 10 grams of gold increased by Rs 2,315, reaching Rs 300,88,856.

The upward trend was also reflected in the international market, where gold prices climbed by $27 per ounce and are now trading at $4,312 per ounce.

The latest increase comes a day after gold prices had fallen sharply in both local and global markets following a period of sustained record highs. On Tuesday, local gold prices dropped by thousands of rupees per tola as international rates eased, providing temporary relief to buyers.

Market analysts say gold prices are likely to remain volatile in the coming days, closely tracking movements in the global market and investor sentiment amid changing economic conditions worldwide.