Gold prices saw a continued rise on Tuesday, with notable gains in both international and local markets.
Reports indicated that the price of gold in the global bullion market climbed by $10 per ounce, reaching $2,642. This price hike led to an increase in local market prices as well, with the cost of 24-carat gold per tola rising by Rs 1,000 to reach Rs 276,000. The price of 10 grams of gold also went up by Rs 857, settling at Rs 236,625.
In contrast, silver prices remained stable, with the price of one tola of silver holding at Rs 3,350 and the cost of 10 grams of silver steady at Rs 2,872.08.
On the global front, gold prices gained traction as the US dollar weakened, influenced by uncertainties surrounding President-elect Donald Trump’s tariff policies. The precious metal also found support from China’s central bank, which increased its gold reserves for the second consecutive month.
As of 1005 GMT, spot gold rose by 0.3%, reaching $2,642.32 per ounce, while U.S. gold futures saw a 0.2% increase, trading at $2,653.60.
In 2024, gold experienced a significant increase of around 27%, largely driven by robust central bank purchases and the Federal Reserve’s interest rate cuts.
Other precious metals also saw price rises, with silver increasing by 0.8% to $30.18 per ounce, platinum climbing 1.7% to $948.95, and palladium advancing 0.7% to $926.58.
