Gold prices surge in local and global markets

Silver price per tola remained stable at Rs3,350, while the price for 10 grams also held steady at Rs2,872.08.

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The price of gold in the international bullion market has increased by $16, reaching $2,755 per ounce.

As a result, local gold markets on Tuesday saw the price of 24-karat gold rise by Rs 1,600, bringing it to Rs 285,000 per tola. Similarly, the price of gold per 10 grams also rose by Rs 1,372, reaching Rs 244,342.

In contrast, the price of silver per tola remained stable at Rs 3,350, with the price for 10 grams of silver also unchanged at Rs 2,872.08.

Yesterday in the international bullion market, the price of gold per ounce fell by $9, bringing the new global price to $2,739.

Meanwhile, in local jewelry markets, the price of 24-carat gold per tola dropped by Rs900, resulting in a new price of Rs283,400.

Additionally, the price of gold per 10 grams decreased by Rs771, setting the new price at Rs242,970.

Meanwhile the Pakistani rupee depreciated by Rs0.04 to Rs277.68 against the US dollar in the inter-bank market, reversing some of Friday's gains. The rupee had previously strengthened by Rs0.20 to Rs277.64 over the weekend, according to the State Bank of Pakistan.

In the open market, the local currency fell by Rs0.01 to Rs278.63/$ compared to Friday's figures. Analysts attribute this decline to a strengthening US economy, which has bolstered the dollar against other major currencies, including the Chinese yuan, affecting the Pakistani currency as well.