Gold up Rs8,500, silver extends record rally

Gold prices in Pakistan surged on Tuesday, tracking strength in the international bullion market, where silver extended its record rally to breach the key $70 per ounce level, while gold pared some gains after touching an all-time high amid stronger-than-expected US economic data. In the local market, the price of gold per tola rose by Rs8,500 to Rs470,862, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price of 10 grams of gold increased by Rs7,288 to Rs403,688. On Monday, gold had already posted a strong advance, with the per-tola rate climbing Rs6,200 to settle at Rs462,362. Silver prices in the domestic market remained unchanged at Rs7,205 per tola, despite sharp gains in the international market.