Gold prices in Pakistan crossed the Rs500,000 mark per tola on Wednesday, tracking gains in the international market.
According to rates released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola rose by Rs12,700 during the day to reach Rs506,362. The increase followed a rise recorded a day earlier, when gold per tola settled at Rs493,662 after gaining Rs4,300.
The price of 10-gram gold also moved higher. APGJSA data showed that 10-gram gold was sold at Rs434,123, reflecting an increase of Rs10,888 .
Local market movement remained in line with developments in the international bullion market. International gold prices rose by $127 per ounce to reach $4,840.
Silver prices also recorded an increase in the local market. According to APGJSA, the price of silver rose by Rs64 to reach Rs9,933 per tola.