At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
Gold and silver prices recorded a sharp increase in both international and domestic markets on Tuesday after a four-day gap.
In the international bullion market, the price of gold rose by $163 per ounce to reach $4,413.
In the local market, the price of gold per tola increased by Rs16,300 to Rs464,062, while the price per 10 grams rose by Rs13,975 to Rs397,858.
Silver prices also posted gains, with the per tola rate rising by Rs570 to Rs7,454.
The price of silver per 10 grams increased by Rs489 to Rs6,390.
Spot gold was down 0.2% to $4,396.74 per ounce, after falling to $4,097.99 per ounce, the lowest since November 24.
US gold futures for April delivery slipped 1.5% to $4,340.90.
Spot gold prices have fallen about 18% since the US-Israeli war on Iran started on February 28.
Elsewhere, spot silver lost 3.4% to $66.80 per ounce. Spot platinum fell 2.1% to $1,841.68 and palladium shed 2.7% to $1,395.25.
Read: Gold plunges below Rs450k
Earlier on Monday, gold prices in Pakistan witnessed a historic single-day decline, as the market slumped below the Rs450,000 mark, tracking a sharp correction in international markets after geopolitical tensions eased following remarks by Donald Trump about postponing planned military strikes against Iranian energy infrastructure.
In the local market, the price of gold per tola plunged by Rs43,600 to settle at Rs447,762, marking one of the steepest daily drops on record, according to data released by the All-Pakistan Gems and Jewellers Sarafa Association.
Similarly, the price of 10-gram gold fell to Rs383,883, down Rs37,380. Silver prices also followed the downward trend, declining by Rs800 to Rs6,884 per tola.
The sharp fall came in response to volatility in global bullion markets, where spot gold initially dropped more than 8% to a session low of $4,097.99 per ounce before recovering partially.
By midday trading, it was down 0.4% at $4,470.36 per ounce.
Analysts noted that the metal had already posted its worst weekly performance since 1983, reflecting aggressive liquidation and shifting macro expectations.
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