ISLAMABAD: After a continuous decline during last week, including a dip by Rs1600 last Saturday, the per tola price of 24 karats of gold turned bullish again on Monday while moving up by Rs2,500 to settle at Rs.240,500 against the previous day’s closing of Rs.238,000.
The recent upward trend was due to the poor NFP (Non-Farm Payrolls) and PMI (Purchasing Managers Index (PMI) data, in the US, taking the international price a bit high that influenced the local price as well.
Meanwhile, according to All Sindh Sarafa Jewellers Association, the rates for 10 grams of 24 karats of gold also went up by Rs 1,257 to reach Rs 206,190 from the previous day’s price of Rs204,047 while the price of 10 grams of 22 karats of the yellow metal increased to Rs 189,007 from the previous price of Rs 187,043.
The price of per tola and ten grams of silver however remained unchanged at Rs 2,620 and Rs 2,254.80 respectively.
Gold Price in International Market
Unlike last week, the price of gold in the international market also turned bullish as on Monday it witnessed an increase by $21 to settle at $2,322 from the previous day’s price of $2,301 per ounce.
Earlier during the last two months, The international market registered a historic record high a number of times including the latest one where rates of the yellow plates once surpassed $2430 per ounce.
The international market of the yellow plates remained highly volatile recently due to a number of reasons including investment from the Chinese traders as their stock market went bearish and they turned to invest in the safe haven.
Meanwhile, a number of private banks in the United States also moved to invest in the yellow metal taking its price first above $2300 and then even above $2400 per ounce.
During the last couple of weeks, the precious metal in the international market recorded a significant appreciation that affected most of the bullion markets across the globe. After a significant bullish rally, its price increased by over $260 per ounce during the last six to seven weeks. The Price for the precious metal in the local bullion market is mostly influenced by the rates in the international market.
