Price of Gold in Pakistan Increases After Consecutive Falls

The price of gold in Pakistan increased on Wednesday after two straight days of decline to settle at Rs. 234,400.

According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) went up by Rs. 1,600 per tola to Rs. 234,400 while the price of 10 grams went down by Rs. 1,372 to close at Rs. 200,960.

The price of gold had decreased by Rs. 3,400 per tola in the first two sessions of the week, going down by Rs. 1,700 per tola on both Monday and Tuesday. Today’s increase means that, cumulatively, the price of gold is down by Rs. 1,800 per tola since the start of the week.

As far as the month of May is concerned, the price of gold has increased by Rs. 14,900 per tola during the month. A much higher increase compared to the previous two months.

In the international market, there was little change in prices with spot gold largely unchanged at $1,958.69 per ounce by 1123 GMT while the US gold futures were steady at $1,976.30. However, it is pertinent to mention here that gold lost nearly 1.6 percent in May.



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