ISLAMABAD: The per tola price of 24 karat gold witnessed an increase of Rs 800 and was sold at Rs 247,300 on Monday as compared to its sale at Rs.246,500 on the previous day, ARY News reported.
The price of 10 grams of 24 karat gold increased by Rs686 and was sold at Rs 212,020 against the sale price of Rs211,334 and 10 gram 22 karat gold also increased to Rs194,351 from Rs 193,723, the All Sindh Sarafa Jewellers Association reported.
The price of per tola and ten-gram silver remained constant at Rs 2,650 and Rs 2271.94 respectively.
The price of gold in the international market increased by $8 to 2,371 from $2,363, the Association reported.
Reuters reported that gold prices firmed on Monday, hovering near record-high levels hit in the previous session, as traders kept a close eye on developments surrounding the Middle East conflict, prompting safe-haven buying of assets such as bullion.
Spot gold was up 0.5% at $2,353.64 per ounce, as of 0743 GMT, after hitting an all-time high of $2,431.29 on Friday. U.S. gold futures were steady at $2,370.00.
“Gold remains in vogue as a financial asset given the combination of geopolitical risks and the prospects of Fed interest rate easing in the second half of the year,” said Tim Waterer, chief market analyst, KCM Trade.
“In many respects, gold is taking on the appearance of being as ‘asset for all occasions’ given its ability to rally under varying market dynamics in 2024.”
Bullion rose above the $2,400 level in the previous session and has gained over 14% so far this year, fuelled by strong central bank buying, safe-haven inflows amid continued geopolitical risks.