Gold Price in Pakistan Soars by Over Rs. 4,500 Per Tola

The price of gold in Pakistan posted an increase of over Rs. 4,500 per tola on Friday as international prices rose on hopes of US rate cut. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) surged by Rs. 4,600 per tola to Rs. 243,800, while the price of 10 grams went up by Rs. 3,944 to Rs. 209,019. The Sarafa Association said in a brief statement that the price of gold has been kept under cost by Rs. 3,000. “In view of the significant reduction in purchasing power, the price of gold today has been kept under cost by Rs. 3,000,” it said. The price of gold increased by Rs. 2,500 per tola on Monday while it fell by Rs. 500 per tola on Tuesday. On Wednesday, the price of the precious metal fell by another Rs. 800 per tola. However, the price remained unchanged on Thursday. In the international market, spot gold was up 1.1 percent to $2,372.16 per ounce by 0925 GMT, while the US gold futures soared 1.7 percent to $2,379.00.