KARACHI:

Gold prices rose in both international and Pakistani local markets on Saturday, reversing some of the losses seen a day earlier, while silver prices in the domestic market continued to weaken.

In the international bullion market, the price of gold per ounce gained about $70 to reach $5,042, reflecting renewed bullish momentum in global precious metals trading.

In Pakistan’s domestic market, gold also strengthened as the price per tola rose by Rs7,000 to Rs526,962, and the price for 10 grams climbed by Rs6,001 to Rs451,784, dealers said.

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Local silver prices, however, declined further, with the rate per tola dropping by Rs105 to Rs8,219 and the price for 10 grams falling by Rs90 to Rs7,046.

The gains followed a sharp fall in gold prices on Friday, when the price per tola in Pakistan slid by Rs8,600 to Rs519,962 despite an earlier rebound in international bullion markets. Similarly, the price of 10-gram gold dropped by Rs7,373 to Rs445,783, according to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

International gold had eased by about $86 per ounce to roughly $4,972 on Thursday amid profit-taking and profit booking in global markets. Silver also fell in local trading, with per tola prices down by about Rs501 to close at Rs8,324 per tola in the local market.