Gold prices in Pakistan surged sharply on Saturday, pushing the price of the precious metal to a new high after a significant decline a day earlier.

According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola increased by Rs2,400, taking it to Rs424,236.

The price of 10 grams of gold also rose by Rs2,057 to Rs363,713.

In the international market, gold prices gained $24 per ounce to reach $4,018.

The rebound came just a day after gold prices had posted a sharp decline in both the global and local markets.

On Friday, the price of gold per tola fell by Rs3,600 to Rs421,836, while the price of 10 grams dropped by Rs3,086 to Rs361,656.