Gold prices saw a strong rebound on Monday, climbing sharply in both global and local markets after a major rise in international rates.
In the international bullion trade, gold jumped by $92 per ounce to reach $4,424. The upward trend was mirrored in Pakistan, where the price of 24 carat gold increased by Rs9,200 per tola, taking it to Rs464,762. The rate for 10 grams also went up by Rs7,888 to Rs398,458.
Silver prices moved higher as well. In the local market, silver gained Rs267 per tola to stand at Rs8,023, while the price of 10 grams rose by Rs229 to Rs6,878.
Globally, spot gold climbed 2.2 percent to $4,424.17 per ounce, marking its highest level in a week. US gold futures for February delivery rose 2.4 percent to $4,434.20.
Spot silver increased by 3.9 percent to $75.50 per ounce, after touching a record high of $83.62 on December 29. The metal wrapped up its strongest year ever, posting a gain of 147 percent.
This sharp rise followed a decline seen two days earlier, when gold prices dropped in both international and local markets. At that time, global prices fell by $47 per ounce, while rates in Pakistan declined by Rs4,700 per tola and Rs4,030 per 10 grams. Silver had also lost Rs106 per tola and Rs91 per 10 grams on Saturday.