KARACHI:

Gold and silver prices increased in both international and local markets on Wednesday after a two-day pause.

In the international bullion market, the price of gold rose by $13 per ounce to $4,933. In the local market, 24-carat gold per tola gained Rs1,300 to reach Rs516,062, while the price per 10 grams increased by Rs1,114 to Rs442,439.

Silver also saw a moderate rise, with the price per tola increasing by Rs32 to Rs8,046 and per 10 grams by Rs28 to Rs6,898 in local markets.

Spot gold rose 1.1% to $4,931.61 per ounce by 0627 GMT, after declining more than 2% on Tuesday. US gold futures for April delivery gained 0.9% to $4,950.20.

Spot silver rose 2.9% to $75.58 per ounce after dropping more than 5% on Tuesday.

Spot platinum gained 2% to $2,047.75 per ounce, while palladium added 2.4% to $1,722.22.

Read: Gold drops Rs9,000/tola as dollar firms

Earlier on Tuesday, gold prices in the local market dropped by Rs9,000 per tola, to settle at Rs514,762, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, 10-gram gold was sold at Rs441,325 after a decline of Rs7,716 during the day.

The latest fall comes a day after gold per tola decreased by Rs3,200 to Rs523,762, indicating heightened volatility in domestic bullion markets in line with global trends.

Silver prices also moved lower, shedding Rs150 to reach Rs8,014 per tola in the local market. Internationally, spot gold fell 2.2% to $4,883.85 per ounce by 1633 GMT, while US gold futures for April delivery declined 2.9% to $4,900.80 per ounce, according to Reuters.

Market analysts attributed the global decline primarily to reduced geopolitical risk premiums after signs of progress in US-Iran nuclear negotiations and renewed diplomatic engagement around the Russia-Ukraine conflict. Such developments typically reduce investor appetite for safe-haven assets like gold.