Gold prices jump by Rs4,100 in local markets as global rates surge

Gold and silver prices in local markets recorded an increase on Tuesday, as the price of gold per ounce rose by $41 in the international bullion market, taking the new global rate to $4,701.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), following the increase in global prices, the local price of gold per tola increased by Rs4,100, reaching Rs492,462. Similarly, the price of 10 grams of gold rose by Rs3,516 to Rs422,206.

Meanwhile, the price of silver per tola increased by Rs395 to Rs8,906, while the price of 10 grams of silver rose by Rs339 to Rs7,637. Spot silver fell 2.4% to $84.05 per ounce, platinum slid 3.1% to $2,066.15, and palladium was down 1.6% to $1,484.23.

Read: Gold, silver prices show slight decline in local and global markets

A day earlier, gold and silver prices declined in both global and local markets following a fall in international rates. In the international bullion market, the price of gold per ounce fell by $53 to reach $4,660 per ounce.

According to APGJSA, in the local market, the price of gold per tola declined by Rs5,300 to Rs488,362. The price of 10 grams of gold also decreased by Rs4,544 to Rs418,691.