Gold moves further out of public reach as prices extend rally

Gold prices continued to climb on Saturday, rising in both international and domestic markets, further pushing the precious metal beyond the reach of ordinary consumers.

In the international bullion market, spot gold rose 0.4% to $4,347.07 per ounce as of 02:17 p.m. ET (19:17 GMT), recording a weekly gain of 1.1%. Meanwhile, US gold futures settled 0.5% higher at $4,387.3 an ounce.

Earlier, benchmark gold prices had gained $13 to reach $4,338 per ounce.

Read: Gold prices rise continuously, further increases today

Following the global uptrend, gold prices in the local market also registered an increase. The price of gold per tola rose by Rs1,300 to Rs456,162, while the rate for 10 grams increased by Rs1,115 to Rs391,085.

Silver prices also surged sharply during the session. Spot silver jumped 2.6% to $67.14 per ounce, ending the week up 8.4% after hitting a record high of $67.45 earlier in the day.

Analysts say the sustained rally in precious metals reflects strong investor demand amid global economic uncertainty and expectations of continued monetary easing by major central banks.