Gold Price in Pakistan Rises Again But Yet to Recover Earlier Losses

The price of gold in Pakistan rose for the second consecutive day on Friday to settle at Rs. 212,400 per tola.

According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 1,300 per tola to Rs. 212,400 while the price of 10 grams increased by Rs. 1,115 to Rs. 182,099.

The price of the precious metal remained unchanged on the opening two days of the week but plummeted by Rs. 3,500 per tola on Wednesday after international prices declined after a stronger-than-expected US inflation report. Thursday saw the price rise by Rs. 300 per tola. Cumulatively, the price of gold has fallen by Rs. 1,900 per tola so far during the week.

Gold prices in the international market were stable on Friday with spot gold at $2,005.39 per ounce as of 1018 GMT, while the US gold futures stood at $2,017.20 per ounce. It is pertinent to mention here that gold is on track to for a second consecutive weekly fall.

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