Gold Price in Pakistan Surges Rs4,700 Per Tola

The price of gold in Pakistan rose significantly on Friday, with a tola now valued at Rs453,036, an increase of nearly Rs5,000 from Thursday's rate. This comes after a sharp decline the previous day, when the price had fallen by Rs5,600 per tola to Rs448,336.

The local market followed international bullion prices, which also moved higher on Friday. The spot gold rate was up 0.6 percent at around $4,303.19 per ounce by 1210 GMT. US gold futures gained around 1 percent to $4,339 an ounce.

Despite the rise, gold remains under pressure globally due to higher US Treasury yields and expectations of further interest rate increases by the Federal Reserve. This can reduce demand for gold as investors have more incentive to hold assets that offer returns.