Gold price increases Rs1,600 per tola, nearing record territory

KARACHI: It looks like gold in Pakistan has resumed its record high run as the price for precious metal was recorded up by Rs1,600 per tola, nearing the record high territory in the local bullion market on Tuesday.

All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), which releases gold rates on a daily basis, reported that following the latest increase, gold was selling in the local market at Rs285,000 per tola.

The price of gold last week was recorded at an all-time high of Rs285,400 per tola. Today’s rate is just Rs400 less than the record high price of gold.

The price of ten grammes of gold also increased, as APGJSA said that the price of ten grammes increased by Rs1,372 to Rs244,342.

This means that the price of gold per gramme has reached Rs24,434.20 in Pakistan.

The surge in gold prices in Pakistan comes after the international rate of gold increased on Tuesday. As per APGJSA, the rate was $2,755 per ounce after it increased by $16.

Silver prices in the local market remained stable again at Rs3,350 per tola.

In the previous trading session on Monday, the gold price had decreased by Rs900 to settle at Rs283,400 per tola. Today’s surge marks the first increase of the week.

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