KARACHI: Gold and silver prices surged across global and local markets on Tuesday amid renewed demand in the bullion sector.
In the international bullion market, the price of gold per ounce increases by $62 to reach $5,168. In Pakistan, the price of gold per tola rises by Rs6,200 to Rs539,562, while the price per 10 grams goes up by Rs5,316 to Rs462,587.
Silver prices also see notable gains. The price of silver per tola increases by Rs460 to Rs9,354, and per 10 grams it rises by Rs394 to reach Rs8,019.
Spot gold rose 0.7% to $5,174.49 per ounce, as of 0631 GMT. US gold futures for April delivery rose 1.6% to $5,184.
Spot silver rose 2% to $88.73 per ounce. Spot platinum gained 0.7% at $2,196.35, while palladium lost 0.3% to $1,685.01.
Earlier on Monday, oil prices were up about 8%, paring gains after hitting their highest since 2022 earlier in the session, as Saudi Arabia and other OPEC members cut supplies due to disruptions from the expanding US-Israeli illegitimate war with Iran.
Brent futures rose $7.21, or 7.8%, to $99.90 a barrel at 1643 GMT, while US WTI crude rose $4.50, or 5.0%, to $95.40.
In early trade, Brent soared to a high of $119.50 a barrel, its biggest-ever absolute price jump in a single day. WTI hit a high of $119.48.
Since the United States and Israel attacked Iran on February 28, Brent has surged by as much as 65% and WTI 78%.
Monday’s prices compare with all-time highs of $147.50 a barrel for Brent and $147.27 for WTI in July 2008, according to LSEG data.
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