According to the All Pakistan Sarafa Gems and Jewellers Association, the price of gold per tola rose by Rs2,300 to reach Rs493,162.

Similarly, the price of 10 grams of gold increased by Rs1,971 to Rs422,806.

In the global bullion market, gold prices also climbed by $23 to $4,708 per ounce.

It is worth noting that gold prices had dropped by Rs2,900 in the previous session.

Meanwhile, silver prices also moved higher in the local market.

The price per tola of silver increased by Rs92 to Rs8,049, while the rate for 10 grams rose by Rs79 to Rs6,900.

In the international market, silver was trading at $75.65 per ounce.