Gold prices in Pakistan rose sharply on Saturday, following gains in the international bullion market as investors continued to seek safe-haven assets amid global economic uncertainty.

According to the latest market data, the price of 24-karat gold increased by Rs2,400 per tola to Rs424,236. The price of 10 grams of gold also climbed by Rs2,057, reaching Rs363,713.

The increase mirrored developments in global markets, where the price of gold rose by $24 to $4,018 per ounce, driven by sustained investor demand for the precious metal.

Silver prices also moved higher in Pakistan. The price of one tola of silver gained Rs41, taking the rate to Rs6,070.

Gold has long been regarded as a safe-haven investment because investors often buy the precious metal during periods of inflation, geopolitical tensions and economic uncertainty. Its role as a store of value has made it a preferred hedge against market volatility for centuries.

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Pakistan revised its domestic gold pricing mechanism last year. Under the current formula, local gold prices are calculated at $20 per ounce above the prevailing international market rate, reflecting adjustments in the country’s bullion pricing system.

Saturday’s increase followed a sharp decline a day earlier. On Friday, the price of one tola of gold fell by Rs3,600 to Rs421,836, while the price of 10 grams dropped by Rs3,086 to Rs361,656 after international gold prices declined.

Global bullion prices had slipped by $36 per ounce on Friday, lowering the international rate to $3,994 per ounce before rebounding in Saturday’s trading.