Gold prices climb further in local market after global surge

In the international bullion market, gold prices rise by $24 per ounce

KARACHI:

Gold and silver prices increased further in global and local markets on Tuesday, with international bullion rates pushing domestic prices higher.

In the international bullion market, gold prices rose by $24 per ounce during trading, reaching $4,373 per ounce. Following the global trend, gold prices in Pakistan’s local bullion markets also recorded a significant increase.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), in the local market, the price of gold increased by Rs2,400 per tola to Rs459,736. The price of 10 grams of gold rose by Rs2,058 to Rs394,149.

Meanwhile, silver prices also increased in the local market. The price of silver increased by Rs62 per tola to Rs6,965. The price of 10 grams of silver also increased by Rs53 to Rs5,971.

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A day earlier, according to rates released by the APGJSA, the local price of gold per tola climbed Rs800 during the day to close at Rs457,366. 10 grams of gold was quoted at Rs392,091, up Rs685.

On Saturday, the per-tola rate had advanced Rs2,200 to finish at Rs456,536. Internationally, gold gained $8 to settle at $4,349 per ounce, carrying a $20 premium.

Silver also edged higher in the domestic market, rising Rs77 to Rs6,903 per tola.