The price gold recorded a significant increase as it was up by Rs1,600 to settle at Rs221,300 per tola for January 3 compared with the previous rate of Rs219,700 in Pakistan, the All Sindh Sarafa Jewellers Association reported.

Similarly, the price of 10 grammes of gold also increased by Rs1,372 to hit Rs.189,729 as against the earlier price of Rs188,357.

The price of 10 grammes 22 karat gold went up to Rs173,918 from the previous prices of Rs172,661.

The price of per tola and 10 grammes silver remained unchanged at Rs2,680 and Rs2,297.66 respectively.

The price of gold in the international market increased by $.12 and was sold at $2,094 against $2,082, the Association reported.

In the international market, gold prices gained on Tuesday, boosted by expectations of an easing of monetary policy by the US Federal Reserve in 2024 as investors look forward to a slew of economic data this week that could shed more light on the timing of rate cuts.

Spot gold gained 13% in 2023, its first annual rise since 2020. On Tuesday it was up 0.6% at $2,074.40 per ounce. US gold futures also rose 0.6%, to $2,084.00 per ounce.