Gold and silver prices on Wednesday witnessed a sharp increase in both global and local markets after a three-day pause.

In the international bullion market, the price of gold rose by $111 per ounce to reach $4,666.

According to the All-Pakistan Gems and Jewellers Sarafa Association, following the increase in global prices, the local price of gold per tola increased by Rs11,100 to Rs488,962, while the price of 10 grams of gold rose by Rs9,517 to Rs419,206.

Similarly, silver prices also recorded an upward trend. The price of silver per tola increased by Rs223 to Rs8,072, while the price of 10 grams rose by Rs191 to Rs6,920.

Spot silver rose 4.6% to $76.16 per ounce, platinum gained 2.9% to $2,009.25 and palladium was up 2.4% ​at $1,521.50.

On Tuesday, gold prices per tola declined by Rs2,100 to reach Rs477,862, according to the All-Pakistan Gems and Jewellers Sarafa Association​​​​​​. Similarly, the 10-gram of gold decreased by Rs1,801, settling at Rs409,689. Silver price dropped by Rs65 to Rs7,849 per tola.

Read: Gold, Silver prices continue downward trend across markets

In the international bullion market, the price of gold per ounce fell by $21, bringing it down to $4,555.

On Monday, the price of gold per tola declined by Rs3,800 to Rs479,962, according to the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the 10-gram gold dropped by Rs3,257 to Rs411,490, reflecting a broader bearish trend. Silver prices also decreased by Rs100 to Rs7,914 per tola.

Globally, spot gold fell 1.9% to $4,526.88 per ounce, while US futures declined 2.3% to $4,537.90, indicating sustained selling pressure in the bullion market.