Gold and silver prices on Friday increased in both local and international markets.

The price of gold rose by Rs3,400 per tola, reaching Rs490,362. The rate for 10 grams of gold also increased by Rs2,915 to Rs420,406.

In the international market, gold prices went up by $34 per ounce to $4,676.

Silver prices also registered an increase. The price per tola rose by Rs160 to Rs7,794, while the rate for 10 grams increased by Rs138 to Rs6,682.

In the global market, silver was priced at $73.10 per ounce.

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Earlier on Thursday, gold prices declined sharply locally, tracking losses in the international market, where bullion came under pressure due to a stronger US dollar and rising oil prices.

In the local market, the price of gold per tola fell by Rs7,100 to settle at Rs486,962, according to the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the price of 10 grams of gold dropped by Rs6,087 to Rs417,491.

The decline comes a day after gold hit Rs494,062 per tola, gaining Rs15,300 in a single session.

Internationally, gold prices fell by $71 to $4,642 per ounce, including a $20 premium. Spot gold was down 2% at $4,660.95 per ounce by 11:22 am EDT, after touching a two-week high, while US gold futures slipped 2.6% to $4,686.80.

Market sentiment shifted after US President Trump signalled continued military actions against Iran, pushing oil prices higher and strengthening the dollar. The developments raised concerns about inflation and reinforced expectations of higher interest rates, which typically weigh on non-yielding assets like gold.

Silver prices in Pakistan also recorded a notable decline, falling by Rs350 to Rs7,634 per tola, in line with a nearly 4% drop in international silver rates.