ISLAMABAD: The price of 24-karat per tola gold witnessed an increase of Rs3,400, and was traded at Rs130,300 in the local market on Thursday against Rs126,900 a day ago.

The price of 10 gram 24-karat gold also increased by Rs2,915 to Rs111,711 whereas that of 10 gram 22-karat went up to Rs102,402.

Gold, palladium soar as Russia invades Ukraine

In the international market, gold prices surged over 3% on Thursday and palladium led a rally in precious metals, as Russia's invasion of Ukraine ratcheted up fears of a war in Europe and drove investors away from riskier assets and into safe havens.

Spot gold climbed 3.4% to $1,971.54 per ounce by 1018 GMT, the highest since September 2020. US gold futures jumped 2.4% to $1,956.00.