Gold prices continued their upward momentum on Saturday, gaining in both international and domestic markets and moving further out of reach for average buyers.
In the international bullion market, spot gold rose 0.4 per cent to $4,347.07 per ounce by 2:17 p.m. ET. As a result, the metal posted a weekly gain of 1.1 per cent. At the same time, US gold futures closed 0.5 percent higher at $4,387.30 an ounce.
Earlier in the session, benchmark gold prices had already increased by $13, touching $4,338 per ounce. This steady rise reflected persistent buying interest across major markets.
Meanwhile, the global rally quickly spilt over into local markets. In Pakistan, the price of gold per tola increased by Rs1,300 to reach Rs456,162. Similarly, the rate for 10 grams climbed by Rs1,115 to settle at Rs391,085.
Read: Gold Prices Surge in Pakistan as Global Rates Climb to $4,334
Silver prices also recorded strong gains. Spot silver jumped 2.6 per cent to $67.14 per ounce. Consequently, the metal ended the week up 8.4 per cent after briefly hitting a record high of $67.45 earlier in the day.
According to market analysts, the sustained surge in precious metals reflects robust investor demand. In addition, ongoing global economic uncertainty and expectations of continued monetary easing by major central banks are supporting higher prices.
As a result, both gold and silver continue to attract safe-haven buying, even as rising prices strain affordability for consumers.
