Gold rises by Rs6,700 per tola for 2nd week

ISLAMABAD: Gold price in the country surged for the second straight week by Rs6,700 (+2.95 percent) per tola on a week-on-week basis on the back of rupee’s depreciation and rise in price in the global markets where it surged by $25.30 (+1.34 percent) per ounce.
In the preceding week, the price surged by Rs5,600 (+2.52 percent) per tola on a week-on-week basis, despite a 2.73 percent weekly decline in global markets where the yellow metal registered its lowest weekly close in five months. Prior to this, the gold price for a single tola of 24-karat in the country fell by Rs2,000 during the preceding three weeks.
The gold rate in Pakistan for a single tola of 24-karat on a week-on-week (WoW) basis increased to Rs234,100 from Rs227,400, according to the data provided by All Pakistan Sarafa Gems and Jewellers Association (APSGJA).
Similarly, the gold rate for 10 grams of 24-karat rose to Rs200,710. Likewise, the 22-karat gold rates for 10 grams went up to Rs184,294 during the week, while price of a single tola of 22-karat gold increased to Rs214,957.- TLTP