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Gold price climbs to highest mark of 2016

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KARACHI: Gold price on Thursday reached Rs53, 150 per tola, the highest mark of the following year, with Rs500 growth in Pakistan, ARY News reported.  

According to details, gold price have touched US$1359 in international market with $10 gain, which led local market price hike. According to All Pakistan Sarafa Jewelers Association, gold price rose by Rs500 to reach Rs53, 150, while 10 gram gold has risen to Rs45, 557 with Rs429 increase.

Gold price in the local market has attained climbing trend since January 2016 with Rs8850 boost.

According to number crunchers the latest policy statement of State Bank of Pakistan’s announcement to keep the interest rate unchanged has switched the buyers from purchasing dollars to gold, which has subsequently risen gold prices.

This should also be noted that gold prices are continuously rising in the international market after results of Brexit referendum.

Within few weeks, gold prices have surged by thousands of rupees in Sarafa Markets across the country. The local traders determine the prices after watching the global market.

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