Gold, silver prices climb again as local rates hit new highs

Gold and silver prices continued their upward trend on Thursday, widening the gap between precious metals and consumer affordability.

In the international bullion market, gold rose by $79 per ounce to $5,012, prompting a surge in local rates. US gold futures for April delivery were up 0.4% at $5,031.20, while spot gold climbed 0.7% to $5,012.83 per ounce by 0634 GMT.

In Pakistan, the price of one tola of gold increased by Rs7,900 to Rs523,962, while 10 grams rose by Rs6,773 to Rs449,212.

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Silver prices also gained momentum, with one tola reaching Rs8,404, up Rs358, and 10 grams hitting Rs7,205, a gain of Rs205. Spot silver rose 2.7% to $79.24 per ounce after climbing more than 5% on Wednesday.

Other precious metals also saw gains in global trading. Spot platinum rose 1.4% to $2,100.45 per ounce, while palladium increased 1% to $1,733.45.

Traders attributed the surge to robust demand in international markets, which continues to influence domestic prices amid economic uncertainty.