Gold prices in Pakistan continued their upward trend on Monday as the precious metal gained momentum in the global market.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-karat gold per tola rose by Rs5,500, reaching Rs428,200 in the local market.

The rate for 10 grams of 24-karat gold stood at Rs367,112, reflecting an increase of Rs4,715, while 10 grams of 22-karat gold climbed to Rs336,531, showing a gain of Rs4,322.

Global gold prices on rise

In the international market, gold prices increased by $55, reaching $4,071 per ounce. The rise in global prices is attributed to renewed investor interest amid economic uncertainty and currency fluctuations.

Market analysts said the appreciation of the US dollar and shifting interest rate expectations have pushed investors towards safe-haven assets like gold.

Silver prices also see uptick

Silver prices followed a similar trend. The rate of 24-karat silver per tola rose by Rs147 to Rs5,247, while 10 grams of silver were traded at Rs4,498, marking an increase of Rs126. International silver prices also recorded a gain of $1.47, reaching $51.60 per ounce.

The association clarified that gold prices in Pakistan are determined based on the interbank exchange rate and purity standard of 999 per 24K.