Price of Gold in Pakistan Increases for Fourth Straight Day
The price of gold in Pakistan rose for the fourth consecutive day on Friday and closed at Rs. 225,300 per tola.
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) jumped by Rs. 300 per tola to Rs. 225,300 while the price of 10 grams rose by Rs. 257 to close at Rs. 193,158.
After the public holiday on Monday, the price of the precious metal went up by Rs. 1,100 on Tuesday, Rs. 900 on Wednesday, and Rs. 1,200 per tola yesterday. Today’s hike takes the cumulative increase since Tuesday to Rs. 3,500 per tola.
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The continuous depreciation of the rupee against the US dollar can potentially lead to further increases in the price of gold. Currently gold is trading much below the all-time high price of Rs. 240,000 per tola registered in May this year.
In the international market, spot gold jumped 0.1 percent to $1,890.50 per ounce by 1614 GM), while the US gold futures were up 0.4 percent to $1,922.20.
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