Gold Rate in Pakistan Posts Fifth Straight Increase in Record-Breaking Week

The price of gold in Pakistan continued its bull run on Friday as it posted the week’s fifth straight increase.   According to data issued by the All-Sindh Sarafa Jewellers Association, the price of gold (24 carats) rose by Rs. 2,500 per tola to Rs. 280,500, while the price of 10 grams was up by Rs. 2,143 to Rs. 240,483.     After falling by over Rs. 10,000 per tola last week, the price of the precious metal has been on a path of recovery this week. Gold price rose by Rs. 2,500 per tola on Monday and Rs. 3,600 per tola on Tuesday. Wednesday saw the price rise by Rs. 800 per tola while yesterday it went up by a further Rs. 3,700 per tola.  Today’s increase takes the cumulative gains during the week to over Rs. 13,100 per tola. Gold is now not far from the all-time high mark of Rs. 287,900 per tola registered last week.   In the international market, gold prices were up 1 percent and were headed for their best week in a year with spot gold up 1 percent to $2,696.76 per ounce as of 0800 GMT, while the US gold futures gained 0.9 percent to $2,699.30.