KARACHI: Gold posted a mammoth gain on Wednesday, mirroring global market surge, crossing $2,750 per ounce, traders said.

The local market shot up by Rs4,250 per tola and Rs3,642 per 10 grams, driving gold prices to Rs287,450 and Rs246,440, respectively, All Pakistan Sarafa Gems and Jewelers Association said.

International market witnessed an upturn by $40, taking gold bullion to $2,751 per ounce with silver trading for $31 per ounce.

Domestic silver prices also registered an increase by Rs59.40 to Rs3,431 per tola and Rs51.50 to Rs2,941 per 10 grams.

Gold and silver rates may stay different on the open market comparing to those fixed by the association.

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