Gold prices rise further in local, international markets

Gold prices increased in both local and international markets on Tuesday, with a significant rise recorded in domestic rates.

The price of gold per tola increased by Rs2,800, reaching Rs478,762. Meanwhile, the price of 10 grams of gold rose by Rs2,401 to Rs410,461.

In the international market, gold prices increased by $28 per ounce, reaching $4,560.

Silver prices also recorded an upward trend. The price of silver per tola rose by Rs260 to Rs7,784, while the price of 10 grams increased by Rs223 to Rs6,673.

In the global market, silver prices stood at $73 per ounce.

Spot gold ​climbed 0.9% to $4,550.68 per ounce by 0727 GMT. US gold futures for April delivery gained ​0.5% to $4,580.70.

Among other metals, ⁠spot silver ​rose 2.7% to $71.89 per ounce, spot platinum gained 1% to $1,917.49, ​and palladium was up 1.5% at $1,427. All three metals were down about 20% each so far in March.

Read: Gold surges to Rs476,000 amid US-Iran tensions

Earlier on Monday, gold prices in Pakistan extended their upward trajectory, tracking gains in the international market where bullion rose for a second consecutive session amid renewed safe-haven demand linked to ongoing geopolitical tensions in the Middle East.

In the domestic market, the price of gold per tola surged by Rs3,900 to settle at Rs475,962, according to data released by the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the price of 10 grams of gold increased by Rs3,343 to reach Rs408,060.

The latest increase follows Saturday's sharp rise, when gold per tola jumped by Rs4,800 to close at Rs472,062, indicating sustained bullish momentum in the local bullion market.

Market participants attribute the recent support for gold prices to heightened uncertainty stemming from the ongoing US-Iran tensions. Conflicting signals on potential peace negotiations have added to volatility, keeping investors cautious and inclined towards safe-haven assets like gold.