ISLAMABAD: Gold prices moved upward by Rs1,600 per tola in the local market on Tuesday, following an uptick in prices in the international bullion market.
According to the data provided by Karachi Sarafa Association, the price for one tola of 24-karat gold increased to Rs221,300 from Rs219,700. Similarly, the price for 10 grams of 24-karat gold increased to Rs189,729 from Rs188,357, showing an increase of Rs1,372 Following suit, the price for 10 grams of 24-karat gold increased by Rs1,257 to reach Rs173,918.
Earlier, gold prices in the country surged by Rs700 per tola for the third consecutive week in line with an uptick in the international rates. Overall, gold price increased by Rs4,400 per tola in the preceding three weeks. To note, during the last calendar year, the intraday price of 24-karat gold was the lowest on October 04, 2023, which was Rs188,400, while the highest price during the year was recorded at Rs242,700 per tola on September 02.
On the other hand, as of 1115 hours GMT, gold futures in the international market were available at $2,073.70 per ounce, showing an increase of $11.70. Out of the $11.70 increase, -$9.40 was due to strengthening of the US dollar and +$21.10 was due to predominant buyers, according to the Kitco Gold Index.- TLTP