Gold goes dearer by Rs20,600 per tola in a week

ISLAMABAD: Gold prices in the local market jumped by Rs3,600 per tola on Wednesday due to rupee’s depreciation against the US dollar as well as increase in the commodity price in global markets.
Interestingly, the price of one tola of 24-karat gold has increased by Rs20,600 during the last one week, as the price was Rs204,000 on Wednesday last.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of one tola of 24-karat gold increased by Rs3,600 to Rs224,600 from Rs221,000. Similarly, the gold rate for 10 grams of 24-karat rose to Rs192,560 from Rs189,472, showing an increase of Rs3,0886. Following suit, 10 grams of 22-karat gold were being traded for Rs166,218 while a single tola of 22-karat gold was being sold at Rs 193,874.
As of 1140 hours GMT, gold futures in the international market were available at $1,971.10 per ounce, showing a decrease of $6.60 (-0.33 percent). Out of the $6.60 per ounce decrease, -$6.80 was due to strengthening of the US dollar and +$0.20 was due to predominant buyers, according to Kitco Gold Index. – TLTP