KARACHI: Gold prices recorded a sharp increase on Monday as both local and international markets extended gains, according to bullion traders.
In the local market, the price of gold per tola jumped by Rs.10, 800 to reach Rs.455, 136. The rate for 10 grams also rose by Rs.9, 720, settling at Rs. 389,600.
In the international market, gold climbed by $108 per ounce to reach $4,327, reflecting continued strength in global bullion demand.
Silver prices witnessed a notable increase in both international and domestic markets, reflecting a broader bullish trend in precious metals.
In the global market, the price of silver per ounce rose by $2.30 to reach $70.30.
Following the international rally, local bullion markets also recorded gains. In Pakistan, the price of silver per tola increased by Rs. 230 to settle at Rs. 7,509, while the price of 10 grams rose by Rs.197 to reach Rs6,396.
Market analysts said developments including a reported peace agreement between the United States and Iran, along with an announcement of easing naval blockades and a 4% decline in global oil prices, have collectively influenced precious metal markets.
These factors have strengthened demand for safe-haven assets, leading to an upward trend in the prices of gold and silver at both international and domestic levels.
More read, Gold prices fall for second consecutive day in Pakistan
Experts noted that fluctuations in crude oil prices and geopolitical tensions continue to play a key role in shaping global bullion movements, with investors closely watching further developments.
