The prices of gold at the global and local markets have once again increased sharply due to distrust in economic systems.

After three days of volatility, gold and silver prices rebounded strongly in global and domestic markets on Tuesday. In Pakistan, the price of 24-karat gold per tola has crossed the Rs 500,000 mark once again.

The price of 24-karat gold per tola surged by a record Rs24,000 in a single day, reaching Rs514,362 per tola, according to the All Pakistan Sarafa Gems and Jewellers Association.

Also Read: Gold price crash in Pakistan: Third biggest drop in history

Similarly, the price of 10 grams of gold increased by a record Rs20,576 in one day, taking it to Rs440,982. Despite today’s sharp increase, gold has declined by Rs82,500 per tola over the past three days in the local market.

International gold prices

In the international market, the price of gold per ounce has fallen by $825 over three days, but rebounded strongly on Tuesday, rising by $240 to reach $4,916 per ounce.

Silver prices in Pakistan

Meanwhile, silver prices also moved higher, with the price of silver per tola increasing by Rs741 to Rs9,146 in Pakistan, while 10 grams of silver also increased by Rs636 to be sold for Rs7,841.