Gold Price in Pakistan Posts Huge Increase to Extend Weekly Gains

The price of gold in Pakistan posted a significant increase on Friday to surge to Rs. 234,800 per tola. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) increased by Rs. 3,800 per tola to Rs. 234,800, while the price of 10 grams increased by Rs. 3,258 to Rs. 201,303. The price of the precious metal remained unchanged in the local market on Monday before posting an increase of Rs. 1,200 per tola on Tuesday. Wednesday saw the price post a marginal increase of Rs. 100 per tola which was followed by another increase of Rs. 1,500 per tola on Thursday. Cumulatively, the price of gold has risen by Rs. 6,600 per tola during the current week. The increase in price in the local market is reliant mostly on international prices which have also risen sharply this week.