Gold and silver prices witnessed a sharp rise in both international and local markets on Monday, as bullion markets reacted to global economic trends.

In the international bullion market, spot gold surged 1.88% to $5,376.44 per ounce as of 0632 GMT, after hitting its highest point in over four weeks. Earlier in the session, bullion prices climbed as much as 2%.

In the local market, gold also saw significant gains. The price of gold per tola rose by Rs13,300 to Rs563,862, while the 10-gram gold price increased by Rs11,402 to Rs483,420.

Read: Gold hits $5,278 an ounce after sharp increase

Spot silver rose 1.3% to $95 per ounce, following a monthly gain in February. Meanwhile, spot platinum increased 0.8% to $2,383.50 per ounce, and palladium advanced 2.3% to $1,826.59 per ounce.

Silver prices followed suit, with silver per tola climbing Rs188 to Rs10,050, and the 10-gram silver price increasing by Rs161 to Rs8,616.

Yesterday, in the domestic market, the price of gold per tola increased by Rs10,000 to Rs540,562, while the price per 10 grams rose by Rs8,574 to Rs472,018.

Silver prices also recorded an increase, with the rate per tola climbing by Rs388 to Rs9,862. The price of silver per 10 grams rose by Rs333 to Rs8,455.