ISLAMABAD: After observing an unexpected but rapid increase last evening in the international market, the per tola price of 24 karats of gold recorded an increase of Rs.3,800 to settle at Rs.234,800 on Friday against the last day price at Rs.231,000.
Meanwhile, All Sindh Sarafa Jewellers Association reported the rates for the 10 grams of 24 karats of the precious metal also observed an increase by Rs.3,258 to settle at Rs.201,303 from the last day price of Rs.198,045 whereas the rates for the 10 grams of 22 karats of the precious metal increased to Rs.184,528 from the last day price of Rs. 181,541.
Like the yellow metal., the price of per tola silver also went up by Rs.20 to settle at Rs.2,600 whereas that of ten grams of silver increased by Rs.17.15 to reach at 2,211.93.
Gold Price in International Market
Like the local bullion market, the price for the yellow metal in the international market observed a sharp increase last evening that affected most of the bullion markets in the world. After the said sharp increase its price went up by $40 to $2,254 from the previous price of $.2,214 per ounce
During the last couple of days, gold prices increased by more than $120 per ounce. The Price of the precious metal in the local bullion market is mostly affected by the price in the international market.
Crunch Moment for Gold Price
The price of the precious metal’s subtle connection with Powel’s speech almost a week before pushed the price from $2150 to above $2200 in one day. However, after some correction in the following day, the price went up again on Thursday evening, even before the arrival of the CPI index on Friday, which would further define the course of gold rates.
