ISLAMABAD: Gold prices in the local market surged by Rs3,200 on Monday, following a rise in international bullion prices amid tension in the Middle East. The price of one tola of 24-karat gold increased to Rs197,200 from Rs194,000. Similarly, the gold price for 10 grams of 24-karat increased to Rs169,070. On the other hand, as of 1335 hours GMT, gold futures in the international market were available at $1,844.20 per ounce, showing an increase of $11.10. Out of the $11.10 increase, -$3.80 was due to strengthening of the US dollar and +$14.90 was due to predominant buyers, according to the Kitco Gold Index. Gold price started the new week with a bullish gap of $15 and climbed to the $1,850 area as investors reacted to escalating geopolitical tensions amid the reignited Israel-Hamas conflict. TLTP
