Gold Rate in Pakistan Hovers Near Record High After Gaining Rs. 3,400 Per Tola in Two Days

The price of gold in Pakistan posted an increase of Rs. 1,400 per tola on Friday, taking the two-day gains to Rs. 3,400 tola and closing in on the all-time high level. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 1,400 per tola to Rs. 263,500, while the price of 10 grams climbed by Rs. 1,200 to Rs. 225,908. Yesterday the price of gold had risen by Rs. 2,000 per tola after declining in the previous two days. In the international market, gold prices were near a one-week high as investors focused on US jobs data that could provide a hint on the size of the Federal Reserve’s expected rate cut this month. Spot gold was up 0.1 percent at $2,518.49 per ounce by 0742 GMT, while the US gold futures rose 0.2 percent to $2,548.50.