The increase took the price of gold to Rs215,000 per tola.

The association also said that the price per 10 grams of gold increased by Rs1,115 to Rs184,328.

The price of the precious metal also increased in the international market by $13 to reach $2,045.

A stronger dollar makes gold more expensive for buyers in other currencies, while high-interest rates are also bearish for non-yielding bullion.

Spot silver rose 0.3% to $22.61 per ounce.

In 2024, “silver may struggle more than gold given the current weak outlook for China and the global economy,” Hansen added.

Platinum climbed 0.9% to $891.32, and palladium gained 1.4% to $928.25.