The price of gold in Pakistan registered a significant increase on Thursday to cross Rs. 211,000 per tola.
According to the data released by the All-Pakistan Gems and Jewellers Association (APGJA), the price of gold (24 carats) soared by Rs. 2,900 per tola to Rs. 211,350 while the price of 10 grams increased by Rs. 2,486 to Rs. 181,198.
Today’s increase came on the back of two consecutive declines, albeit negligible ones. The price of gold had fallen by Rs. 750 per tola yesterday while the drop was Rs. 400 on Tuesday. On Monday, the price increased by Rs. 1,250 per tola. Cumulatively, the price of gold has risen by Rs. 3,000 per tola during the current week so far.
In the international market, spot gold increased by 0.4 percent to $1,986.69 per ounce by 1131 GMT, while US gold futures saw an increase of 0.1 percent to $1,996.80.
The local price of gold is directly linked to the international market and the rupee/dollar parity. In recent days, the rupee has depreciated against the dollar while international gold prices have also risen.
50 tola