Gold prices in Pakistan rose sharply on Saturday, with the local market following a strong rally in international bullion prices.
The price of gold climbed by Rs5,700 per tola to reach Rs482,936, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The price of 10-gram gold also increased by Rs4,972, reaching Rs414,039.
The latest jump came a day after gold had gained Rs5,200 per tola, taking its price to Rs477,136 on Friday.
The international gold rate also rose by $57 to $4,604 per ounce, including a $20 premium.
Silver prices, however, remained unchanged at Rs7,379 per tola in the local market.
Gold hits more than three-month high
International gold prices climbed to their highest level in more than three months on Friday as a weaker US dollar and strong investor demand pushed bullion higher.
Spot gold rose 2.4 percent to $4,623.94 an ounce by 1:41pm EDT, after touching $4,631.99, its highest level since May 15. US gold futures settled 2.4 percent higher at $4,680.60.
Gold has gained more than 5 percent this week and is on track for its third straight weekly rise.
Analysts said the move above key technical levels has added to the buying momentum, while weakness in the dollar has given gold another boost.
The US dollar remained close to its lowest level since mid-May as investors assessed the US Treasury’s plans to increase buybacks of longer-dated government bonds.
Demand for gold has also picked up among investors looking for protection against changes in global economic and monetary policy. Expectations around US interest rates have also supported interest in the precious metal.
The rally has been less helpful for physical buyers in India, where higher prices have discouraged retail demand. Demand in China, however, has remained steady.
Other precious metals also posted gains. Spot silver rose 2.3 percent to $69.62 an ounce, while platinum gained 2.8 percent to $1,878.58 and palladium increased 0.8 percent to $1,344.96.