Gold hits $5,185 an ounce as local prices surge
At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
Gold and silver prices increased in both international and domestic markets on Wednesday.
In the international bullion market, the price of gold per ounce rose by $13 to reach $5,185.
In the local market, the price of gold per tola increased by Rs1,300 to Rs541,262, while the price of 10 grams of gold climbed by Rs1,114 to Rs464,044.
Silver prices also recorded an upward trend. The price of silver per tola rose by Rs268 to Rs9,554, while the rate for 10 grams increased by Rs230 to Rs8,191.
Spot gold rose 0.8% to $5,190.99 per ounce, as of 0841 GMT. U.S. gold futures for April delivery were up 0.7% at $5,210.40, according to Reuters.
Elsewhere, spot silver climbed 4.2% to $90.96 per ounce, a three-week high
Spot platinum rose 5.8% to $2,293.69 per ounce, its highest point since February 4, while palladium added 2.8% to a three-week high of $1,817.22.
Read: Gold up Rs3,400/tola despite global pullback
Earlier on Tuesday, gold prices in Pakistan extended their upward trend, tracking volatility in the international bullion market where prices slipped from a three-week high amid profit-taking and a stronger US dollar, while investors monitored geopolitical tensions between Washington and Tehran and awaited clarity on the US tariff policy.
In the local market, the price of 24-karat gold rose by Rs3,400 per tola to Rs539,962, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the price of 10 grams increased by Rs2,915 to Rs462,930.
The latest gains follow Monday's rise, when gold per tola climbed Rs3,000 to settle at Rs536,562, reflecting sustained domestic demand and currency-linked adjustments in line with global benchmarks.
Silver prices also moved higher, gaining Rs192 to reach Rs9,286 per tola in the local market. In the international market, gold retreated more than 2% on Tuesday after touching a three-week peak earlier in the session.
Spot gold was quoted at $5,119.67 per ounce by 1433 GMT, down 2.1% on the day, while US gold futures for April delivery fell 1.7% to $5,138.30 per ounce, according to Reuters.
Market participants attributed the pullback largely to profit-taking and a firmer US dollar, although underlying geopolitical risks continued to lend support to bullion as a safe-haven asset.
Traders remained focused on the outlook for US tariffs and the evolving standoff between the United States and Iran, with a fresh round of talks between the two countries scheduled later this week.