Gold prices in Pakistan increased on Monday, tracking gains in the international bullion market, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).
The association said the price of 24-karat gold rose by Rs4,000 per tola to Rs431,736.
The price of 10 grams of 24-karat gold increased by Rs3,430 to Rs370,144, while 10 grams of 22-karat gold gained Rs3,145 to reach Rs339,311.
In the international market, gold prices rose by $40 to $4,093 per ounce, the association said.
Silver prices also moved higher, with the price per tola increasing by Rs100 to Rs6,397, while 10 grams of silver rose by Rs86 to Rs5,484.
International silver prices gained $1.00 to $59.18 per ounce, according to the association.
Gold was supported by renewed geopolitical tensions in the Middle East, which prompted investors to seek safe-haven assets amid concerns over the potential impact of the conflict on global inflation and monetary policy.
Despite Monday’s advance, bullion prices have faced pressure in recent months as markets continue to expect the U.S. Federal Reserve to keep interest rates higher for longer.