The price of gold increased by Rs1,100 and was standing at Rs216,800 per tola for selling on March 2 in the local market of Pakistan, the All Sindh Sarafa Jewellers Association reported.

The price of 10 grammes of gold also increased by Rs943 to Rs185,871 from the earlier price of Rs184,928.

Similarly, the price of 10 grammes of 22 karat gold went up to Rs170,382 from the previous price of Rs169,517.

Meanwhile, the price of per tola and 10 grammes of silver remained unchanged at Rs2,570 and Rs2,203.36, respectively.

In the international market, gold prices hit a one-month high on Friday and were set for a second weekly gain as the latest US data pointed to signs of slowing inflation, affirming investor expectations of the first rate cut of the year in June, Reuters reported.

Spot gold edged 0.5% higher to $2,053.50 per ounce, its highest level since Feb. 2 while US gold futures firmed 0.4% at $2,062.30.