Gold prices significantly increased in Pakistan on Thursday as the yellow metal advanced in the international market amid ongoing Israel-Hamas conflict in the Middle East.

The per tola gold was priced at Rs211,350, after an increase of Rs2,900, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The price of 10 gram gold stood at Rs181,198, with a rise of Rs2,486.

In the previous session, gold per tola price in Pakistan had stood at Rs208,450, witnessing a decline of Rs750.

On Wednesday, Russian President Vladimir Putin warned the conflict could spread beyond the Middle East and said it was wrong that innocent women, children and old people in Gaza were being punished for other people’s “crimes”.

Amid fears of the conflict turning into a regional war, investors have turned to gold, considered as a safe-haven asset, causing a surge in its demand.

In the international market, gold was priced at $1,990 per ounce on Thursday, after an increase of $20.

It may be noted that gold traders in Pakistan add a premium of $20 with the international price, which took the rate to $2,010 for Pakistani market.

Meanwhile, silver rates remained stable at Rs2,500 per tola.