Gold prices posted another sharp increase in both domestic and international markets on Tuesday, extending their rally for a second consecutive day amid strong investor demand.
According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 24-karat gold rose by Rs6,100 per tola, bringing the local rate to Rs356,100. The price of 10 grams of gold climbed by Rs5,232 to Rs305,300.
In the global market, gold jumped $61 to reach $3,377 per ounce. Spot gold was last recorded at $3,372.01 an ounce, up 1.2%, hitting its highest level since April 22 earlier in the session.
Silver also recorded upward movement. In Pakistan, one tola of silver increased by Rs57 to Rs3,482, while 10 grams rose by Rs22 to Rs2,985. Internationally, spot silver rose 1.3% to $32.92 per ounce.
Other precious metals saw modest gains as well. Platinum rose 1.7% to $975.75 per ounce, and palladium was up 0.8% to $948.
Analysts attribute the rise in gold and silver prices to safe-haven buying amid geopolitical uncertainties and inflationary concerns.
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