Gold prices rise again in global, local markets

Gold prices surged again in both international and local markets on Wednesday, reversing the downward trend seen a day earlier.

In the international bullion market, the price of gold increased by USD 13 per ounce, reaching USD 3,366. This global uptick impacted domestic pricing as well, leading to a notable rise across major Pakistani cities.

According to local sarafa market data, the price of 24-karat gold per tola rose by Rs1,300, settling at Rs359,300.

Likewise, the price for 10 grams of gold increased by Rs1,114 to Rs308,041.

Silver rates also followed suit. The price of silver per tola rose by Rs39 to Rs4,010, while 10 grams of silver went up by Rs33 to Rs3,437.

This surge follows a temporary dip earlier in the week and reflects ongoing volatility in global precious metal markets.

Spot gold was down 0.4% at $3,366.81 per ounce, as of 0904 GMT, after hitting a nearly two-week high on Tuesday. US gold futures fell by 0.4% to $3,420.90.

Spot silver fell 0.1% to $37.80 per ounce, platinum rose 0.5% to $1,327.93 and palladium fell 0.1% to $1,174.34.