Gold prices soared to new heights on Monday, shooting up in both international and local markets after a major leap in global rates.
In the international bullion market, gold surged by $92 per ounce, landing at an eye-popping $4,424 per ounce.
This global rally echoed in local bullion markets as well. The price of 24-carat gold increased by a hefty Rs9,200 per tola, pushing the rate to an astonishing Rs464,762. Meanwhile, the cost of 10 grams jumped by Rs7,888, now at Rs398,458.
Silver didn’t miss out on the action either. The domestic price for silver rose by Rs267 per tola to Rs8,023, with the rate for 10 grams climbing by Rs229 to Rs6,878.
Spot gold rose 2.2%, reaching $4,424.17 per ounce, its highest level in a week. US gold futures for February delivery jumped 2.4%, settling at $4,434.20.
Spot silver was up by 3.9% to $75.50 per ounce after a record-breaking high of $83.62 on December 29. Silver wrapped up its best year ever, closing with a staggering 147% annual gain.
The sharp increase comes just after a drop two days earlier, when gold prices had taken a hit in both global and domestic markets.
Back then, international rates fell by $47 per ounce, and local prices dropped by Rs4,700 per tola and Rs4,030 per 10 grams.
Silver also slid during Saturday’s trading, with prices falling by Rs106 per tola and Rs91 per 10 grams.
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