Gold Price in Pakistan Rises for Fourth Time This Week

The price of gold in Pakistan posted its fourth increase during the current week on Friday to settle at Rs. 217,700 per tola. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 1,400 per tola to Rs. 217,700 while the price of 10 grams increased by Rs. 1,201 to Rs. 186,643. The price of gold increased by Rs. 1,500 per tola on Monday and Rs. 700 per tola on Tuesday. However, Wednesday saw the price dip by Rs. 600 per tola before another increase of Rs. 800 per tola on Thursday. Cumulatively, the price of gold has increased by Rs. 3,800 per tola during the current week so far. In the international market, spot gold was down 0.1 percent to $2,054.29 per ounce at 1030 GMT, while the US gold futures were up 0.1 percent to $2,071.40. Despite the slight decline, gold is set for its biggest weekly rise since December.