At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
Gold prices recorded another sharp increase in both global and local markets on Monday.
In the international bullion market, the price of gold rose by $26 per ounce to reach $4,325.
In local sarafa markets, the price of 24-carat gold per tola increased by Rs2,600 to Rs454,862, while the price of 10 grams rose by Rs2,229 to Rs389,970.
Silver prices also moved higher, with per tola silver gaining Rs68 to reach Rs6,532, while the price of 10 grams increased by Rs59 to Rs5,600.
Spot gold rose 1% to $4,343.96 an ounce by 0949 GMT. Bullion hit its highest since October 21 on Friday.
US gold futures gained 1.2% to $4,377.80 an ounce.
Spot silver rose 2.8% to $63.76 per ounce. It hit a record high of $64.65 on Friday before closing sharply lower.
Read: SBP pumps Rs10.48tr into banks
Earlier on Saturday, gold prices surged in Pakistan, even as the international market retreated from a seven-week peak, driven largely by currency pressures and persistent local demand.
According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola climbed Rs10,700 to reach Rs454,262, while 10-gram gold rose Rs9,174 to Rs389,456. This follows Thursday's modest increase, when the per-tola price settled at Rs443,562.
Silver prices in the domestic market also gained traction, rising from Rs232 to Rs6,684 per tola. The trend contrasted sharply with global markets, where silver dropped more than 3% after a record-breaking rally, falling to $61.7 per ounce from an all-time high of $64.64 earlier in the session.
In the international bullion market, gold eased 0.1% to $4,280.69 per ounce, while US gold futures remained largely unchanged at $4,312.90. The slight pullback was attributed to profit-taking and investor caution ahead of significant US economic data releases scheduled for next week.
Adnan Agar, Director at Interactive Commodities, said global gold prices experienced intra-day volatility. "The high was $4,353 and the market was later around $4,295 after opening at $4,270. The market went up and then dipped slightly," he noted.
Agar expects next week's US employment and inflation data to be decisive for gold's direction. "If the data supports gold, it could break above its all-time high of around $4,388," he said, adding that silver's record highs may signal further upside potential for gold.
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