Gold Rate in Pakistan Increases Again as International Prices Pick Up

The price of gold in Pakistan increased for the second straight day on Thursday to settle at Rs 246,800. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 1,200 per tola to Rs. 246,800, while the price of 10 grams increased by Rs. 1,029 to Rs. 211,591. The Sarafa Association said that the price of gold has been kept under cost by Rs. 2,500 due to the reduction in purchasing power of the buyers. After falling during the first two days of the current week, the price of gold rebounded yesterday with an increase of Rs. 600 per tola. In the international market, spot gold rose 0.5 percent to $2,383.63 per ounce by 0942 GMT, while the US gold futures were up 0.4 percent to $2,389.00.