Gold prices in Pakistan spiked sharply on Friday, following the upward movement of the international market.

The price of 24-karat gold per tola surged Rs3,500, reaching Rs351,000, as per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Similarly, the price of 10 grams of gold rose by Rs3,000, settling at Rs300,925 in the local market.

This significant rebound comes a day after gold prices dipped by Rs1,900 per tola on Thursday, when the yellow metal settled at Rs347,500. The sharp comeback has attracted the attention of investors and buyers of jewelry alike, as the market mood remains nervous about international developments.

On the international front, foreign gold prices rose to $3,326 an ounce, up by a $35 rise, with a $20 premium, according to APGJSA. The rise is primarily fueled by economic uncertainty and increasing safe-haven demand.

Meanwhile, silver prices also increased, with per tola silver rising by Rs38 to Rs3,466.