Price of Gold in Pakistan Posts Big Increase as International Prices Rise

After a slight drop a day earlier, the price of gold in Pakistan posted an increase of Rs. 1,800 per tola on Friday. According to the data released by the All-Pakistan Gems and Jewellers Association (APGJA), the price of gold (24 carats) rose by Rs. 1,800 per tola to settle at Rs. 219,800 while the price of 10 grams went up by Rs. 1,543 to Rs. 188,443. Yesterday, the price of the precious metal in the local market fell by Rs. 500 per tola. However, the price rose by Rs. 400 each on Monday and Tuesday and by Rs. 900 per tola on Wednesday. Overall, the price of gold has risen by Rs. 3,000 per tola during the current week so far. In the international market, gold prices rose to their highest level in almost three weeks with spot gold up 0.5 percent to $2,054.50 per ounce as of 1103 GMT and U.S. gold futures going up 0.8 percent to $2,067.40.