Gold prices recorded a significant increase on Saturday in the domestic market of Pakistan after recording a decline a day earlier.

The price of gold was up by Rs3,100 to reach Rs223,600 per tola. Similarly, the price of gold 10 grammes recorded a hike of Rs2,658 to reach Rs191,701 per 10 grammes.

Meanwhile, the price of silver remained unchanged at Rs2,620 per tola while silver 10 grammes was recorded at Rs2,246.

On Friday, gold prices rallied to an all-time high in the international market after remarks from Federal Reserve Chair Jerome Powell increased traders’ confidence the US central bank had completed its monetary policy tightening and could cut rates starting March, Reuters reported.

Spot gold climbed 1.6% to $2,069.10 per ounce by 3:30pm ET (2030 GMT).

Silver gained 0.9% to a more than six-month high at $25.47 per ounce, set for a third consecutive weekly rise.

Powell said “the risks of under- and over-tightening are becoming more balanced,” but the Fed is not thinking about lowering rates right now.

“Gold bulls are focusing on Powell’s comment that rate is well into restrictive territory which plays into the narrative that cuts will come sooner, pointedly ignoring his warning that it was premature to speculate on easing rates,” Tai Wong, a New York-based independent metals trader.