Gold and silver prices spring back after market pause

Gold and silver prices surged strongly in global and local markets on Tuesday. 

In the international bullion market, gold jumped by about $137 per ounce, pushing prices to around $4,813, nearly 6% gain in a day as buyers returned to the market. Meanwhile, Silver climbed roughly 10% to about $87.40 an ounce.

According to traders in Pakistan, a tola of gold increased by roughly Rs13,700 to Rs540,062, while the 10-gram rate rose by about Rs11,745 to Rs432,151. Silver prices increased as well, with the per tola rate rising by around Rs416 to Rs8,821 and the 10 gram rate increasing by about Rs357 to Rs7,562.

Spot gold had earlier fell to below $4,403 an ounce, two times declining from record highs above $5,590, while silver suffered its biggest one-day drop on record last Friday. The rebound in rates signal renewed investor inflows for silver and gold after prices dropped.