Price of Gold in Pakistan Increases for Second Straight Day

The price of gold increased for the second straight day on Friday to close at Rs. 223,400 per tola. According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs. 2,700 per tola to Rs. 223,400 while the price of 10 grams increased by Rs. 2,315 to close at Rs. 191,530. The price of gold had increased by Rs. 1,700 per tola yesterday. However, the price went down on each of the first three days of the week, going down by Rs. 1,750 per tola on Monday, Rs. 4,000 per tola on Tuesday, and Rs. 2,500 per tola on Wednesday. Despite the increase on Thursday and today, cumulatively, the price of gold is down by Rs. 3,850 per tola during the current week so far. In the international market, spot gold gained 0.5 percent to $1,967.29 per ounce by 1217 GMT while the US gold futures were up 0.4 percent to $1,978.20.