Gold prices rose once again on Tuesday, continuing their upward momentum for the second straight day as demand from investors remained strong in both local and global markets.
As per the All Pakistan Sarafa Gems and Jewellers Association, the cost of 24-karat gold jumped by Rs6,100 per tola, setting the new local rate at Rs356,100. Meanwhile, 10 grams of gold increased by Rs5,232, reaching Rs305,300.
On the international front, gold rose by $61, hitting $3,377 per ounce. Spot gold was last seen trading at $3,372.01 per ounce, up 1.2%, marking its highest level since April 22.
Silver followed the same upward trend. In Pakistan, the price of one tola of silver went up by Rs57 to Rs3,482, and the rate for 10 grams rose by Rs22 to Rs2,985. Globally, spot silver saw a 1.3% increase, climbing to $32.92 per ounce.
Other precious metals also posted gains. Platinum rose by 1.7% to $975.75 an ounce, while palladium edged up by 0.8% to $948.
Experts link the recent climb in precious metal prices to ongoing geopolitical tensions and fears of inflation, which have driven investors toward safer assets.