Gold Price in Pakistan Extends Weekly Gains After Another Increase

The price of gold in Pakistan posted an increase of Rs. 500 per tola on Friday and further extended gains during the current week. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) increased by Rs. 500 per tola to Rs. 250,700, while the price of 10 grams rose by Rs. 429 to Rs. 214,935. After rising on the first three days of the current week, the price of the precious metal in the local market fell by Rs. 1,700 per tola on Thursday. Cumulatively, the price of gold has risen by Rs. 4,200 per tola during the current week so far. In the international market, gold prices surged on Friday and were set for a fight straight week of gains. Spot gold rose 0.1 percent at $2,380.68 per ounce as of 1040 GMT, while the US gold futures were 0.1 percent higher at $2,396.60.