ISLAMABAD: After witnessing a number of records during the last three to four weeks, the per tola price of the 24 karats of gold in Pakistan seems unstoppable while high gradually as Wednesday, the precious metal registered an increase of Rs 2,200 to settle at another all-time high Rs 251,900 against the last day closure of Rs.249,700.
Last day the per tola price of the yellow metal went up by Rs2,400 to reach at Rs249,700 per tola.
Meanwhile, according to All Sindh Sarafa Jewellers Association, the rates for the 10 grams of 24 karats of the yellow metal went up by Rs1,887 to reach Rs 215,964 as compared to the last day closure of Rs214,077 whereas that of 10 grams of the 22 karats of gold increased to Rs197,238 from the last day price of Rs196,238.
Unlike the last day, the rates for the per tola white gold (silver) went up by Rs.130 to settle at Rs.2,780 as compared to the last day price of Rs.2,650 whereas that of ten grams of silver appreciated by Rs.111.46 to reach at Rs.2,383.40 against the previous day closure of from Rs 2271.94.
Gold Price in International Market
The price of the yellow metal in the international market remained volatile for the last three to four weeks as on Wednesday it witnessed an increase by $21 to settle at $2,412 per ounce as compared to the previous day’s closure of from $2,391 per ounce.
The international market witnessed a historic record high a number of times during the last few weeks including the latest one where the Gold price once crossed $2320 per ounce.
The international market of the yellow metal remained highly volatile during the last couple of days due to different reasons including investment from the Chinese traders as their stock market went bearish and they turned to invest in the safe heaven.
Meanwhile being a safe heaven, scores of private banks in the US also invested in the precious metal taking its price first above $2300 and then even above $2400 per ounce.
During the last couple of days, the yellow metal in the international market witnessed a major increase that affected most of the bullion markets across the globe. After the huge increase, its price increased by over $260 per ounce during the last six to seven weeks. The Price of the precious metal in the local bullion market is mostly influenced by the price in the international market.
