The price of gold in Pakistan jumped by Rs. 1,100 per tola on Friday to close at Rs. 214,400.
According to the data released by the All-Pakistan Gems and Jewellers Association (APGJA), the price of gold (24 carats) spiked by Rs. 1,100 per tola to Rs. 214,400 while the price of 10 grams increased by Rs. 943 to Rs. 183,813.
On Thursday, the price of gold surged by Rs. 1,500 per tola after going down by Rs. 1,200 per tola on Wednesday.
International gold rates stood at $1,989 at 4:25 PM (Pakistan Standard Time), up 0.16 percent DoD compared to yesterday.
Global trends suggest that money is leaving gold and the US Dollar and returning to risky assets.
Stocks worldwide are mixed, while bonds rallied and the US Dollar currency fell during the week as investors welcomed a pause in interest rate hikes in the United States. Traders now expect the Federal Reserve to maintain interest rates in December as well.
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Authored and reviewed by the corporate law and tax litigation practice group at Javid Law Associates. Our team comprises High Court advocates, corporate legal advisors, and authorized tax practitioners across Pakistan.
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