Gold prices continued to rise on Saturday, rising in both domestic and international markets, further pushing the precious metal beyond the reach of ordinary consumers.
In the international bullion market, spot gold rose 0.4% to $4,347.07 an ounce at 2:17 PM ET (2:17 PM ET), posting a weekly gain of 1.1%. Meanwhile, US gold futures closed up 0.5% at $4,387.3 an ounce.
Previously, benchmark gold prices had gained $13 to $4,338 an ounce.
Read: Gold prices are rising continuously, they will continue to rise today
Following the global bullish trend, gold prices in the local market also recorded an increase. The price of gold per tola increased by Rs 1,300 to Rs 456,162, while the price of 10 grams increased by Rs 1,115 to Rs 391,085.
Silver prices also rose sharply during the session. Spot silver jumped 2.6% to $67.14 an ounce, ending the week up 8.4% after hitting an all-time high of $67.45 earlier in the day.
Analysts say the sustained rally in precious metals reflects strong investor demand amid global economic uncertainty and expectations of continued monetary easing by major central banks.
