Gold prices rise in local, global markets

On Wednesday, price of gold per tola fell by Rs1,000

KARACHI:

Gold prices increased in both the international and local markets on Thursday, while silver prices declined. In the international bullion market, the price of gold rose by $10 per ounce to $4,050 per ounce.

Following the increase in the global market, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold in the local bullion market rose by Rs1,000 per tola to Rs427,436, while the price of 10 grams of gold increased by Rs857 to Rs366,457.

Meanwhile, silver prices moved in the opposite direction. In the international market, the price of silver fell by 76 cents per ounce to $57.36 per ounce.

As a result, the price of silver in the local bullion market declined by Rs76 per tola to Rs6,215, while the price of 10 grams of silver decreased by Rs65 to Rs5,328.

Read: Gold slips as investors await Fed policy decision

On Wednesday, according to the APGJSA, the price of gold per tola fell Rs1,000 to close at Rs426,436 in the local market. 10 grams of gold was quoted at Rs365,600, down Rs857. 

On Tuesday, in the local market, the price of 24-carat gold dipped by Rs4,300 to Rs427,436 per tola, according to rates issued by the APGJSA. 10 grams of gold was quoted at Rs366,457, down Rs3,687.

On Monday, gold price had gained Rs4,000. Silver also weakened, shedding Rs174 to Rs6,223 per tola.