Karachi: Gold prices in Pakistan rose by Rs 450 per tola and Rs 385 per 10 grams to Rs 127,950 per tola and Rs 109,696 per 10 grams, respectively.
A day earlier, this precious commodity had closed at Rs 127,500 per tola and Rs 109,311 per 10 grams.
Cumulatively, the safe-haven asset rose by Rs 850 or 0.66% per tola during the week ended February 26.
Earlier, speaking to Jio.tv, a gold dealer said that global politics greatly influences gold prices. Before the Russia and Ukraine conflict, the trade war between the US and China affected commodity rates in the international market, and the local market is directly affected by this, he said.
He added that investors are closely monitoring developments in the Russia-Ukraine crisis.
In the international market, gold prices settled lower by $10 an ounce at $1,890, as Russia's invasion of Ukraine triggered sharp volatility in the precious metals market.
“We think the price drop is premature, there is a risk of further escalation in the conflict and this could be just a temporary correction,” said Daniel Breesemann, analyst at Commerzbank.
Some market participants believe that the sanctions imposed by the West on Russia are not strict enough, Breesemann said.
Prices of the safe-haven metal rose more than 3% to $1,973.96 in the previous session after Russia invaded Ukraine. They retreated above $90 from Thursday's high.
"The dramatic rise followed by the dramatic decline is very technically driven," said David Meager, director of metals trading at High Ridge Futures.
It is pertinent to mention that the price of gold in Pakistan is around Rs 3,500 less than the price of gold in Dubai market.
Meanwhile, silver prices remained unchanged at Rs 1,470 per tola and Rs 1,260.28 per 10 grams in the domestic market.