Gold Rate in Pakistan Recovers to Close in on All-Time High Mark

After falling thrice in four days, the price of gold in Pakistan posted a significant increase on Friday.  According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) increased by Rs. 1,800 per tola to Rs. 276,200, while the price of 10 grams was up by Rs. 1,543 to Rs. 236,797.   The price of gold in the local market fell by Rs. 500 per tola on the opening day of the week before another decline of Rs. 600 per tola on Tuesday. Wednesday saw gold recover to rise by Rs. 600 per tola but it slumped again on Thursday, going down by Rs. 1,100 per tola.  Today’s surge took the price of the precious metal close to the all-time high mark of Rs. 277,000 per tola posted last week.   In the international market, spot gold was almost steady at $2,659.13 per ounce by 1019 GMT.