ISLAMABAD: Despite having stability in the local currency against the US dollar, the per tola price of 24 karats of gold continued the regular increase as on Saturday it up further by Rs 4,900 to reach a record Rs 245,100 against the last day price of Rs 240,200.
The continued increase in the price of gold in the local market was due to the rapid increase in the price of the yellow metal in the international market.
Meanwhile, according to All Sindh Sarafa Jewellers Association, the rates for 10 grams of 24 karats of gold went up by Rs4,200 to reach Rs 210,134 against the last day price of Rs205,932 while that of 10 grams of 22 karats of gold increased to Rs192,622 from the previous day price of Rs 188,772.
However, the rates for the per tola and ten grams of silver remained unchanged at Rs 2,650 and Rs 2271.94 respectively.
Gold Price in International Market
After a continues increase in the price of gold in the international market for the last couple of days, followed by a slight correction two days before, the price of gold turned bullish again last evening and registered an increase by $44 to reach a new record high of $2,350 per ounce compared to the previous session figure of $2,306, per ounce.
The international market observed a historic record high a number of times during the last two weeks including the latest one where the Gold price moved above $2345 per ounce.
As 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 investors their stock market remained bearish.
Meanwhile being a safe heaven, besides from other investors, scores of private banks in the US also invested in the gold taking its price first above $2300 and now above $2340 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 in the world. After the huge increase, its price went up by over $220 per ounce during the last three to four weeks. The Price of the precious metal in the local bullion market is mostly affected by the price in the international market.
