Gold prices in Pakistan soared on Friday, marking a significant increase in the local bullion market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola jumped by Rs. 5,300, reaching Rs. 424,162. Similarly, the rate for 10 grams of gold rose by Rs. 4,544, settling at Rs. 363,650.

The surge comes just a day after a minor drop, when gold closed at Rs. 418,862 per tola following a Rs. 1,000 decline. The latest hike reflects strong demand and volatility driven by global market movements and the weakening of the Pakistani rupee against the US dollar.

Internationally, gold prices also witnessed upward movement, with rates touching $4,018 per ounce (including a $20 premium), up by $53 for the day, according to APGJSA data. However, by early Friday, the global bullion market showed mixed trends as the US dollar strengthened, creating pressure on gold prices.

Despite a slight dip of 0.5%, bringing spot gold to $4,004 per ounce at 0240 GMT, analysts noted that the precious metal remained on track for its third consecutive monthly gain. Meanwhile, US gold futures for December delivery held steady at $4,016.70 per ounce, maintaining overall market stability.

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In the local market, silver prices also recorded a notable increase of Rs. 158 per tola, reaching Rs. 5,192.

Experts attribute the fluctuations to ongoing global economic uncertainty, inflation concerns, and cautious investor sentiment ahead of the US Federal Reserve’s next move on interest rates. Despite short-term volatility, the overall trend indicates continued investor confidence in gold as a safe-haven asset.