The price of gold in Pakistan posted an increase for the third straight day on Friday to settle at Rs. 208,400 per tola.
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs. 600 per tola to Rs. 208,400 while the price of 10 grams increased by Rs. 515 to close at Rs. 178,670.
Despite the increase in the price of gold in the last three days, cumulatively, the price has dropped by Rs 7,600 per tola in the current week. The drop is down to the fact that the price of the precious metal registered a massive decrease on the opening day of the week, falling by Rs. 8,800 per tola which was followed by another decline of Rs. 2,200 per tola on Tuesday.
In the international market, spot gold increased by 0.3 percent to $1,915.79 per ounce by 0902 GMT, while the US gold futures increased by 0.3 percent to $1,921.80.
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Few weeks ago jewellers were claiming that price of gold is higher because dollar was trading at 286 now its 276 and price still increasing. This clearly shows govt is artificially controlling usd rate because during first two weeks overseas send remittances and banks enjoy giving less value than market.