Gold Price in Pakistan Soars as International Prices Rise

The price of gold in Pakistan posted a major increase on the opening day of the week to settle at Rs. 215,400 per tola. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 1,500 per tola to Rs. 215,400 while the price of 10 grams saw an increase of Rs. 1,286 to Rs. 184,671. It is pertinent to mention here that the price of gold has been on a consistent decline in the country for the past many weeks. Last week was the fourth consecutive week when the price of gold decreased on a week-on-week basis after falling by Rs. 1,400 per tola. Gold prices in the country are mainly dependent on just two factors; the international gold prices and exchange rate. Today’s increase is largely down to an increase in international prices. In the international market, spot gold rose 0.4 percent to $2,025.99 per ounce by 0403 GMT, while the US gold futures posted an increase of 0.4 percent to $2,025.20.