Gold surges to new high globally, climbs Rs9,100 per tola locally

KARACHI:

Gold prices on Thursday rose in global and local markets after five trading sessions, reaching a new high in the international bullion market. In the international bullion market, the price of gold per ounce increased by $91 to $4,063.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), locally, the price of gold per tola rose by Rs9,100 to Rs428,736, while the price per 10 grams increased by Rs7,802 to Rs367,572.

Meanwhile, silver prices also recorded gains. The price of silver per tola increased by Rs203 to Rs6,445, while the price per 10 grams rose by Rs174 to Rs5,525.

On Wednesday, gold and silver prices fell in both international and domestic markets, with the price of gold in the global bullion market declining by $52 to $3,972 per ounce.

Read: Gold slides for third consecutive day in global, local markets

According to the APGJSA, in the domestic market, the price of gold per tola declined by Rs5,200 to Rs419,636. The price of 10 grams of gold fell by Rs4,458 to Rs359,770.

Meanwhile, the price of silver per tola dropped by Rs107 to Rs6,242. The price of 10 grams of silver also declined by Rs92 to Rs5,351.

On Tuesday, gold prices declined in both the international and local bullion markets, while silver prices registered an increase. In the international bullion market, the price of gold fell by $41 per ounce to $4,024.

According to the APGJSA, in the local market, the price of gold per tola also declined by Rs4,100 to Rs424,836. The price of 10 grams of gold decreased by Rs3,515 to Rs364,228.

Meanwhile, the price of silver per tola increased by Rs25 to Rs6,349. The price of 10 grams of silver also rose by Rs22 to Rs5,443.

Read more: Gold falls in global, local markets as silver prices rise

On Monday, gold prices declined locally, tracking losses in the international market as fresh US-Iran tensions boosted oil prices and stoked inflation fears, raising expectations of higher interest rates.

In the local market, the price of gold per tola stood at Rs428,936 after a drop of Rs2,300, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association.

Similarly, the 10-gram gold was sold for Rs367,743 after falling by Rs1,972. The price of silver decreased by Rs69 to Rs6,324 per tola

On Saturday, the per-tola gold had closed at Rs431,236 following a decline of Rs1,000.