Gold jumps to $4,923 per ounce as local prices hit all-time high
At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
Prices of gold and silver surged to record levels in both international and local markets on Friday. In the global bullion market, the price of gold rose sharply by $91 per ounce, reaching a new high of $4,923 per ounce.
In the domestic market, the price of gold per tola increased by Rs9,100 to a record Rs514,662, while the price per 10 grams rose by Rs7,802 to Rs441,239.
Silver also saw significant gains, with the price per tola climbing Rs372 to Rs10,275, and the price per 10 grams rising from Rs319 to Rs8,809.
Read: Gold per tola drops Rs800 as bullion prices slide
On Thursday, gold and silver prices declined in both international and domestic markets. In the international bullion market, the price of gold fell by $8 per ounce to $4,832.
After the decline in the global market, gold prices in Pakistan also registered a drop. The price of gold per tola decreased by Rs800 to Rs505,562, while the price of 10 grams of gold fell by Rs686 to Rs433,437.
Silver prices also edged lower. The price of silver per tola dropped by Rs30 to Rs9,903, while the price of 10 grams of silver declined by Rs25 to Rs8,490.
Spot gold was steady at $4,836.09 per ounce, as of 0740 GMT, after scaling a record peak of $4,887.82 in the previous session. US gold futures for February delivery also traded flat at $4,838.60 per ounce.
Spot silver rose 1.1% to $94.26 an ounce, after hitting a record high of $95.87 on Tuesday. Spot platinum lost 0.4% to $2,472.33 per ounce after touching a record peak of $2,511.80 on Wednesday, while palladium gained 0.6% to $1,850.31.
Read more: Gold prices hit record highs in global, Pakistan markets
Earlier on Wednesday, gold and silver prices reached new historic highs in both international and local markets.
In the international bullion market, the price of gold per ounce jumped sharply by $127 to reach a new high of $4,840.
In Pakistan, the price of gold per tola rose by Rs12,700 to a record level of Rs506,362.
Similarly, the price of 10 grams of gold increased by Rs10,888 to reach Rs434,123.
Silver prices also rose, with the price per tola increasing by Rs64 to a new high of Rs9,933, while the price of 10 grams of silver went up by Rs54 to Rs8,515.