Gold prices jump sharply in local, global markets

Price of 24-carat gold increases by Rs9,200

Gold prices recorded a sharp increase on Monday, rising in both international and domestic markets following a strong jump in global rates.

In the international bullion market, the price of gold rose by $92 per ounce to reach $4,424 per ounce.

The surge was reflected in local bullion markets, where the price of 24-carat gold increased by Rs9,200 per tola, taking the rate to Rs464,762. The price of 10 grams of gold rose by Rs7,888 to Rs398,458.

Silver prices also moved higher in the domestic market. The price of silver increased by Rs267 per tola to Rs8,023, while the rate for 10 grams rose by Rs229 to Rs6,878.

Spot gold rose 2.2% to $4,424.17 per ounce, a one-week high. US gold futures for February delivery gained 2.4% to $4,434.20.

Spot silver added 3.9% to $75.50 per ounce, after hitting an all-time high of $83.62 on December 29. The metal ended its best-ever year on record, 147% higher.

Read: Informal gold trade drains revenue, distorts prices

The increase comes after a decline recorded two days earlier, when gold prices fell in both global and local markets.

At that time, international prices dropped by $47 per ounce, while domestic rates declined by Rs4,700 per tola and Rs4,030 per 10 grams.

Silver prices had also fallen by Rs106 per tola and Rs91 per 10 grams on Saturday.