Gold prices see another day of steady rise in Pakistan

The price of 24-karat gold per tola rose by Rs800 to settle at Rs462,936, according to rates issued by the All Pakistan Sarafa Gems and Jewellers Association.Similarly, the price of 10 grams of 24-karat gold increased by Rs686 to Rs396,893, while 10 grams of 22-karat gold rose by Rs629 to Rs363,831.

In the international market, the price of gold increased by $8 to $4,404 per ounce, the association reported.Meanwhile, the price of silver per tola increased by Rs72 to Rs7,141, while the price of 10 grams of silver rose by Rs62 to Rs6,122.The international price of silver also increased by $0.72 to $66.62 per ounce, the association added.

Investors continued to monitor developments in the Middle East amid ongoing tensions and diplomatic efforts aimed at reaching a lasting resolution to the conflict in the Gulf.Benchmark Brent crude oil futures rose above $100 a barrel on Wednesday, breaching the symbolic threshold for the first time since July 24, as intensifying conflict in the Middle East fuelled growing concerns about oil flows from the region.Brent crude futures rose $2.15, or 2.2%, to $100.07 a barrel by 0721 GMT, while US West Texas Intermediate (WTI) crude was up $1.70, or 1.83%, at $94.73 a barrel.Brent crude prices have risen by a quarter since early last month as hopes fade for a permanent resolution to the six-month-old US-Iran conflict.

Gold remains a popular investment and store of value in Pakistan, particularly amid high inflation and fluctuations in the rupee. Many households use gold to preserve wealth, while its liquidity allows jewellery and bullion to be sold when funds are needed.