Gold Price in Pakistan Up by Over Rs. 2,000 Per Tola as International Prices Rise

The price of gold in Pakistan posted an increase of over Rs. 2,000 per tola on Thursday to settle at Rs. 243,000. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 2,400 per tola to Rs. 240,600, while the price of 10 grams increased by Rs. 2,057 to Rs. 208,333. The Sarafa Association said that the price of gold has been kept under cost by Rs. 4,000 due to the reduction in purchasing power of the buyers. In the international market, gold prices hit a two-week high as signs of a cooling US labor market, strengthened a case for a September rate cut by the Federal Reserve. Spot gold rose 0.2 percent to $2,359.80 per ounce as of 1102 GMT, while the US gold futures were up 0.1 percent to $2,378.80.