Gold price rises by Rs7,800 per tola in local market
At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
Gold prices witnessed a sharp increase in both global and local markets on Thursday. In the international bullion market, the price of gold per ounce rose by $78, pushing the new global rate to $4,744.
According to the All-Pakistan Gems and Jewellers Sarafa Association, following the increase in global prices, the local price of gold per tola increased by Rs7,800, reaching a new level of Rs496,762.
Similarly, the price of 10 grams of gold in the country increased by Rs6,687 to reach Rs390,416.
Alongside gold, silver prices also recorded an increase in local markets. The price of silver per tola rose by Rs373 to reach Rs8,445, while the price of 10 grams of silver increased by Rs320 to reach Rs7,240.
The latest increase follows Wednesday’s rise, when the price of gold per tola increased by Rs11,100 to Rs488,962, while the price of 10 grams of gold rose by Rs9,517 to Rs419,206.
Similarly, silver prices also recorded an upward trend. The price of silver per tola increased by Rs223 to Rs8,072, while the price of 10 grams rose by Rs191 to Rs6,920.
On Tuesday, gold prices per tola declined by Rs2,100 to reach Rs477,862, according to the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the 10-gram of gold decreased by Rs1,801, settling at Rs409,689. Silver price dropped by Rs65 to Rs7,849 per tola.
In the international bullion market, the price of gold per ounce fell by $21, bringing it down to $4,555.
On Monday, the price of gold per tola declined by Rs3,800 to Rs479,962, according to the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the 10-gram gold dropped by Rs3,257 to Rs411,490, reflecting a broader bearish trend. Silver prices also decreased by Rs100 to Rs7,914 per tola.
Globally, spot gold fell 1.9% to $4,526.88 per ounce, while US futures declined 2.3% to $4,537.90, indicating sustained selling pressure in the bullion market.