Local gold prices rise following gains in global market

Gold prices increased in both international and local markets, while silver rates remains comparatively stable.

In the international bullion market, gold prices rose by $37 per ounce to reach $5,205.

However, spot gold prices in London are down 6% since the initial safe-haven spike at the start of the conflict on February 28. Bullion was last trading at $5,109 per troy ounce, even as oil prices surged.

In the local market, the price of gold per tola increased by Rs3,700 to reach Rs543,262.

Similarly, the price of gold per 10 grams rose by Rs3,172 to Rs465,759.

Meanwhile, silver prices remained stable. The price of silver per tola stayed unchanged at Rs9,354, while the price per 10 grams also held steady at Rs8,019.

Read: Gold prices rise in global and local markets after four-day break

Earlier on Monday, oil prices were up about 8%, paring gains after hitting their highest since 2022 earlier in the session, as Saudi Arabia and other OPEC members cut supplies due to disruptions from the expanding US-Israeli illegitimate war with Iran.

Brent futures rose $7.21, or 7.8%, to $99.90 a barrel at 1643 GMT, while US WTI crude rose $4.50, or 5.0%, to $95.40.

In early trade, Brent soared to a high of $119.50 a barrel, its biggest-ever absolute price jump in a single day. WTI hit a high of $119.48.

Since the United States and Israel attacked Iran on February 28, Brent has surged by as much as 65% and WTI 78%.

Monday's prices compare with all-time highs of $147.50 a barrel for Brent and $147.27 for WTI in July 2008, according to LSEG data.