The price of gold in Pakistan continued its upward surge on Monday and posted gains of over Rs. 3,000 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. 3,100 per tola to Rs. 229,900 while the price of 10 grams went up by Rs. 2,658 to close at Rs. 197,102.
Although the price of the precious metal has been rising consistently over the last week but today’s increase is one of the biggest single-day increases in a while. The price of gold rose for five consecutive days during the last week resulting in a cumulative increase of Rs. 5,000 per tola.
The current price of gold is the highest in over two months. It is pertinent to mention here that the price of gold had sunk to Rs. 204,000 per tola by mid-July after hitting an all-time high of Rs. 240,000 per tola back in May.
In the international market, gold is hovering around a five-month low. Spot gold remained largely unchanged at $1,888.60 per ounce by 1125 GMT today, while the US gold futures rose by 0.1 percent to $1,918.10.
