KARACHI: After a sharp decline in the previous session, gold prices in Pakistan saw a notable rebound on Wednesday, tracking the upward movement in international rates.

The price of gold per tola rose by Rs1,400, settling at Rs271,900 in the local market, according to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA). Similarly, the price of 10-gram gold increased by Rs1,200, reaching Rs233,111. This rise follows a significant drop on Tuesday, when gold prices had fallen by Rs7,000, ending the day at Rs270,500 per tola. Internationally, gold prices also saw a boost, with the price per ounce climbing to $2,607, marking an increase of $14 during the day. The rise in global gold prices has been attributed to a combination of factors, including geopolitical tensions and ongoing economic uncertainties, particularly ahead of the US elections.

Gold is often seen as a safe-haven investment during times of instability. Silver prices remained unchanged on Wednesday, holding steady at Rs3,250 per tola. Pakistan’s gold prices had previously reached an all-time high of Rs287,900 per tola last month, driven by global market conditions. The precious metal has seen a surge in demand recently, as investors turn to gold amidst rising tensions in the Middle East and broader economic uncertainties. The ongoing demand for gold as a hedge against inflation and political instability has continued to support its strong price performance.