Gold prices saw a sharp rise in both global and local markets on Thursday. The international bullion market saw the price of gold rise $78 an ounce to a new world rate of $4,744.

The All-Pakistan Gems and Jewellers Sarafa Association said the local price of gold per tola went up by Rs7,800 to Rs496,762 after the increase in international prices.

Similarly, the price of 10 grams of gold in the country went up by Rs6,687 to Rs390,416.

Gold was not the only thing that increased in local markets, silver prices also went up. Silver price per tola up Rs373 to Rs8,445 and 10 grams up Rs320 to Rs7,240.

The latest surge follows a hike on Wednesday when the price of gold per tola went up by Rs11,100 to Rs488,962 while the price of 10 grams of gold increased by Rs9,517 to Rs419,206.

Silver prices too registered an upward trend. The price of silver per tola went up by Rs223 to Rs8,072 and the price of 10 grams went up by Rs191 to Rs6,920.

Gold prices per tola fell by Rs2,100 to Rs477,862 earlier this week, the All-Pakistan Gems and Jewellers Sarafa Association said. Likewise, 10-gram of gold shed Rs1,801 and closed at Rs409,689. Silver price down Rs65 to Rs7,849 per tola.

The international bullion market saw the price of gold per ounce drop by $21 to $4,555.

The price of gold per tola decreased by Rs3,800 to Rs479,962 on Monday, according to the All-Pakistan Gems and Jewellers Sarafa Association. In line with this, the 10-gram gold slid Rs3,257 to Rs411,490 on the broader bearish trend. Silver prices also dropped Rs100 to Rs7,914 per tola.

Globally, spot gold fell 1.9% to $4,526.88 per ounce, while US futures declined 2.3% to $4,537.90, indicating sustained selling pressure in the bullion market.

Credit: Independent News Pakistan (INP)