ISLAMABAD: The unstoppable and continuous increase in the price of gold at the international market has taken the price of gold in the local market to another record high as on Monday the per tola price of the 24 karats of the precious metal witnessed a further increase of Rs 600 to settle at another record high of Rs 245,700 against the previous day sale of Rs 245,100.
After June 2023, when the American dollar was at its peak and above Rs330, the price of gold reached in Pakistan at Rs2,40,000, however recent week, the rates of the precious metal not only surpassed the June rates but now crossed Rs2,45000.
Meanwhile, according to All Sindh Sarafa Jewellers Association, the rates for the 10 grams of 24 karats of the yellow metal went up by Rs 514 to settle at Rs 210,648 as compared to the last day sale of Rs210,134 and that of 10 grams of the 22 karats of the yellow metal increased to Rs193,094 from the previous day price of Rs 192,622.
However, like the previous day, 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 continuous 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 Friday and kept the bullish momentum on Monday it observed an increase by $5 to settle at another historic high at $2,355 per ounce from the previous day price of $2,350 per ounce.
The international market observed a historic record high a number of times during the last two weeks including the latest one where gold price moved above $2350 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 remained bearish and they turned to invest in the safe heaven.
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 $2350 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 $240 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.
