Gold prices in Pakistan moved higher on Monday, August 17, tracking gains in the international market as continuing geopolitical tensions supported demand for the precious metal.
According to rates released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), 24-karat gold gained Rs2,000 per tola, rising to Rs461,936 from Rs459,936 in the previous session.
The price of 10 grams of 24-karat gold increased by Rs1,715 to Rs396,035, compared with Rs394,320 previously.
International bullion prices also advanced, with gold climbing $20 to $4,395 an ounce, up from $4,375, according to the association.
Silver followed gold higher in the domestic market, gaining Rs80 per tola to reach Rs7,029, compared with Rs6,951 in the previous session.
The rise came as investors continued to monitor developments in the Middle East, where uncertainty persisted over prospects for a permanent settlement to the US-Iran conflict.
Geopolitical concerns also pushed oil prices higher as hopes for a diplomatic breakthrough faded and tanker movements through the Strait of Hormuz slowed.
Brent crude climbed as much as 1% to $89.40 a barrel before trading at $89.20, up 72 cents, at 0229 GMT. US West Texas Intermediate crude gained 44 cents to $82.83 a barrel.
Both crude benchmarks had risen more than 5% during the previous week, following attacks on Abu Dhabi National Oil Company-operated tankers in the Strait of Hormuz and a Saudi Aramco refinery.