Price of Gold Increases by Rs. 17,000 per Tola in Less Than a Week

The price of gold in Pakistan jumped by over Rs. 6,000 per tola on Tuesday to cross the Rs. 220,000 per tola barrier. According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs. 6,200 per tola to Rs. 221,000 while the price of 10 grams increased by Rs. 5,316 to close at Rs. 189,472. It is pertinent to mention here that the price of gold fell to Rs. 204,000 per tola on July 12. However, it has since gained Rs. 17,000 per tola, in under a week. During the last week, the price of gold increased by Rs. 5,000 per tola. The current week also opened with an increase of Rs. 1,600 per tola on Monday. Despite the recent surge in price, the price of the precious metal remains well below the all-time high of Rs. 240,000 per tola recorded in May. In the international market, spot gold was up 0.4 percent to $1,961.67 per ounce by 0846 GMT, while the US gold futures rose 0.5 percent to $1,965.40.