Gold rates hike in Pakistan

ISLAMABAD: The rate of per tola of 24 karat gold increased by Rs.2,400 and was sold at Rs. 257,300 on Friday against its sale at Rs. 254,900 on last trading day, ARY News reported.

The rate of 10 grams of 24 karat gold also increased by Rs. 2,057 to Rs. 220,593 from Rs. 218,536 whereas that of 10 gram 22 karat gold went up to Rs. 202,210 from Rs. 200,324, the All Sindh Sarafa Jewellers Association reported.

The price of per tola and ten gram silver remained stagnant at Rs2,900 and Rs.2,486.28 respectively.

The rate of gold in the international market increased by $26 to $2,458 from $2,432, the Association reported

Yesterday, the rates of per tola gold in Pakistan went down by Rs1000.

READ: Gold prices go down in Pakistan

According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) fell by R1000 per tola to Rs252,500, while the price of 10 grams decreased by Rs857 to stood at Rs 216,478.

The price of the precious metal in the local market had risen by Rs. 200 per tola the other day.

In the international market, spot gold climbed $26 to reach at $2,391.14 per ounce.

Spot gold was down 0.7% at $2,432.29 per ounce, as of 0956 GMT, having hit its highest since July 18 earlier in the session. Prices were just $51 shy of the record high of $2,483.60 scaled on July 17.

U.S. gold futures firmed 0.1% to $2,476.10.

Elsewhere, spot silver fell 0.7% to $28.83, platinum lost 1% to $966.40 and palladium eased 0.4% at $921.97.

Market analysts attribute the rise in rates to various factors, including fluctuations in the international market, currency exchange rates, and economic conditions.