Gold prices increased in Pakistan on Saturday, tracking gains in international markets, while silver prices moved lower in both local and global trade.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold rose by Rs1,300 per tola to reach Rs476,162. The price of 10 grams of gold increased by Rs1,115 to Rs408,232.

In the international market, gold gained $13 per ounce, taking the price to $4,538 per ounce. Meanwhile, silver prices recorded a decline. The price of silver fell by Rs21 per tola to Rs8,013.

The price of 10 grams of silver decreased by Rs18 to Rs6,869. In the global market, silver was quoted at $75.29 per ounce.

Read: Gold jumps Rs4,600 on Iran peace hopes

On Monday, gold prices registered an increase in Pakistan, mirroring gains in the international market, where the precious metal rose more than 1% amid hopes of a peace deal to end the US-Iran war.

The development eased pressure on the dollar and oil prices, reducing fears of higher inflation and interest rates for an extended period.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of gold per tola reached Rs477,762 after registering a rise of Rs4,600 during the day. Similarly, the 10-gram gold was sold for Rs409,603, reflecting an increase of Rs3,943.

On the global front, spot gold climbed 1.2% to $4,561.51 an ounce by 1319 GMT, and gold futures for June delivery gained 0.9% to $4,563.60, according to Reuters. US markets were closed for the Memorial Day holiday.

Adnan Agar, Director of Interactive Commodities, commented that the market was standing almost at its high and the reason was that the US-Iran deal was almost closed. “The closing of the deal is a bit positive for gold”.