Price of Gold in Pakistan Rises Sharply After Surprising Decrease

The price of gold in Pakistan increased considerably on Friday after surprising losses earlier in the week. According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs. 4,000 per tola to Rs. 233,000 while the price of 10 grams increased by Rs. 3,429 to close at Rs. 199,760. This is the first major increase in the price of gold during the current week. The week started with a consecutive decline of Rs. 1,700 per tola each on Monday and Tuesday before the price increased by Rs. 1,600 per tola on Wednesday. However, the price plummeted on Thursday, going down by over Rs. 5,000 per tola. Today’s increase means that, cumulatively, the precious metal has cut its losses to Rs. 3,200 per tola during the week so far. In the international market, spot gold gained 0.1 percent to rise to $1,978.77 per ounce by 12:06 GMT while the US gold futures were flat at $1,996.00.