Gold and silver prices went up again on Wednesday, continuing an upward trend seen in both international and local markets.

In the international market, gold rose sharply by $148 per ounce, reaching $5,064.

The increase was reflected in the Pakistani market where the price of gold per tola went up by Rs14,800 to Rs529,162. Similarly, the price of 10 grams of gold increased by Rs12,689 to Rs453,671.

Silver also gained in value. In the local market, silver per tola rose by Rs109 to Rs9,255, and per 10 grams increased by Rs93 to Rs7,934.

Spot gold also jumped 2.8% to $5,076.01 per ounce, following a 5.9% surge on Tuesday, which was its biggest daily gain since November 2008. Gold also touched a record high of $5,594.82 last Thursday.

Meanwhile, US gold futures for April delivery climbed 3.3% to $5,097.20 per ounce. Spot silver also rose 5% to $89.38 per ounce, after reaching a record high of $121.64 last Thursday and dropping to a month-low of $71.33 on Monday.

On Tuesday, gold prices rebounded sharply, tracking a strong recovery in the international bullion market after several sessions of steep losses that had rattled investors and traders.

Locally, gold per tola jumped Rs24,000 to Rs 514,362, and 10 grams of gold rose Rs20,576 to Rs 440,982, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The rise came after a steep decline on Monday, when gold per tola had dropped Rs21,500 to Rs490,362. Over the previous three sessions, gold also lost Rs85,500 per tola, reflecting high volatility in global markets.