Gold prices continue upward trend locally, globally

Gold and silver prices extended their upward trend in both international and local markets on Wednesday, reflecting continued strength in global bullion demand. In the international bullion market, the price of gold rose by $35 per ounce to reach $4,811, marking a further increase during the week. Following the global trend, local bullion markets also recorded gains. The price of 24-carat gold per tola increased by Rs3,500, settling at Rs503,462. Likewise, the price of 10 grams of gold rose by Rs3,001 to Rs431,637. Silver prices also moved higher. In local markets, the per tola rate climbed by Rs144 to Rs8,404, while the price of 10 grams increased by Rs124 to Rs7,205. Spot gold was down 0.6% at $4,811.19 per ​ounce, as of 0731 GMT, after hitting its highest since March 18 earlier. ​US gold futures for June delivery fell 0.3% to $4,834.40. Among other metals, spot silver fell 0.3% to $79.31 per ounce, platinum gained 0.1% to $2,105.21, and palladium was steady ​at $1,586.63. This rise came after a brief decline in gold prices observed in both global and domestic markets earlier in the week, indicating renewed momentum in the bullion trade. Read: Gold rises over 1% as easing oil prices temper inflation worries Earlier on Tuesday, gold prices increased in Pakistan after a two-day break, while silver also became more expensive. Following the upward trend in global prices, 24-karat gold in local bullion markets also increased by Rs4,600 per tola, reaching Rs499,962 per tola on the second trading day of the week. Similarly, the price of gold per 10 grams rose by Rs3,943, taking the new rate to Rs429,636. Silver prices also recorded an increase in the local market. The price per tola rose by Rs326 to reach Rs8,260, while the price of 10 grams increased by Rs279 to Rs7,081.