Gold price rises sharply by Rs4,200 per tola

WEB DESK: Gold prices in Pakistan surged on Wednesday, with the price of gold per tola increasing by Rs4,200, the All Pakistan Sarafa Gems and Jewellers’ Association said.

According to the APSGJA, the price of gold rose to Rs463,936 per tola. Similarly, the price of 10 grams of gold also increased by Rs3,601, reaching Rs397,750.

The latest increase has pushed gold prices in the local bullion market to another high level, making jewellery purchases more expensive for consumers.

Meanwhile, gold prices in the international market also continued their upward trend for the third consecutive day.

According to Reuters, spot gold rose 1 per cent to $4,432.74 per ounce, its highest level since June 5.

US gold futures also gained 1.7 per cent, reaching $4,492.60 per ounce.

Among other precious metals, silver rose 0.9 per cent to $66.30 per ounce, platinum gained 0.7 per cent to $1,765.26, while palladium increased 0.8 per cent to $1,394 per ounce.