ISLAMABAD: After registering a number of records during the last three weeks, the per tola price in Pakistan reached another all-time high after registering an increase of Rs2,400 to settle at Rs249,700 per tola. Despite stability in the local currency during the last three months, the price of gold in the local market went up only due to the increase in price in the international market.
Last day the per tola price of the yellow metal went up by Rs800 in the local bullion market.
Meanwhile, according to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the rates for the 10 grams of the precious metal increased by Rs2,057 to settle at Rs214,077
However, the per tola price of the white gold (silver) remained stable at Rs2,650.
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 Tuesday it witnessed an increase of $20 to settle at $2,391 per ounce against the previous price of $2,371 per ounce.
The international market observed 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 investors as their stock market went down and they turned to invest in the safe heaven.
Meanwhile being a safe heaven, besides from other investors, scores of private banks in the United States also invested in the gold 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 in the world. After the huge increase, its price increased by over $240 per ounce during the last five to six weeks. The Price of the precious metal in the local bullion market is mostly affected by the price in the international market.
