Local rates of gold touched new highs on Sunday on strong gains in the international market, continuing the upward trend of gold prices. The price of gold per tola increased Rs4,370 to Rs444,336, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) in Pakistan.

Similarly, the price of 10 grams of gold increased Rs3,933 to Rs379,880. The latest jump in gold prices came a day after gold prices surged again. The price per tola increased by Rs7,250 to Rs439,966 on Friday as the precious metals market continued its bullish trend.

The local price hike came after a sharp rise in international gold rates. Gold gained $43 an ounce in world markets to $4,219 an ounce, inclusive of a $20 premium. Higher gold prices are being driven by global demand, economic uncertainty and investor interest in safe-haven assets.

In the meantime silver went up a fair bit also. The price of silver per tola went up by Rs200 to Rs7,279.

Gold prices are hitting new peaks almost every day and investors and consumers are keeping a close watch on market trends. If the international rally continues, local gold prices could go up further in the coming days.

Credit: Independent News Pakistan (INP)