Gold prices recorded a sharp increase in international and local markets on Monday, while silver rates also moved higher in global and domestic bullion trade.

The Pakistan gold price increase came as precious metals markets reacted to international developments, including reports of a U.S.-Iran peace agreement, the announcement of an end to a U.S. naval blockade and a decline in global oil prices.

In the international bullion market, the price of gold rose for a third consecutive day. Gold gained $108 per ounce, reaching $4,327 per ounce, according to market reports.

In Pakistan’s local sarafa markets, the price of 24-karat gold increased by Rs10,800 per tola to reach Rs455,136 on the first trading day of the week.

The price of 10 grams of gold also rose by Rs9,720, reaching Rs389,600.

Silver prices also increased in international and local markets. In the global market, silver rose by $2.30 per ounce to reach $70.30.

Following the international increase, local silver prices also moved higher. The price of silver rose by Rs230 per tola to Rs7,509, while 10 grams of silver increased by Rs197 to Rs6,396.

Market analysts say precious metals often respond to global uncertainty, currency movements, oil prices and investor demand for safe-haven assets. Local prices may also change during the day depending on exchange-rate movements and bullion market trends.

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