ISLAMABAD: After witnessing a decline of Rs800 during last two days, the per tola price of gold prices observed a major jump on Friday and went up by Rs 4,600 to settle at Rs243,800. The recent jump in the price was due to the major increase in international market.
Meanwhile, according to All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the rates for the 10-grams of the precious metal also increased by Rs3,944 to settle at Rs209,019.
Like the precious metal, the price of silver also went up by Rs30 to settle at Rs2,650 per tola.
Gold Price in International Market
like the local bullion market, the rates for the gold in the international market also witnessed the same response and went up by $54 to settle at $2,366 per ounce.
Earlier during last couple of months, the international market observed a historic record high for a number of times including the latest one where rates of the yellow plates once crossed $2430 per punce
The international market for the yellow metal remained highly volatile recently due to a number of reasons including investment from the Chinese investors as their stock market went bearish and they turned to invest in the safe heaven.
Meanwhile, a number of private banks in the US also chose to invest in the yellow metal taking its price first above $2300 and then even above $2400 per ounce.
During last couple of weeks, the price of gold in the international market registered a major upward trajectory that affected most of the gold markets across the globe. After a significant hawkish rally its price increased by over $260 per ounce during last six to seven weeks. The Price for the yellow metal in the local bullion market mostly influenced by the rates in the international market.
