Gold price jumps to Rs250,400 a tola

ISLAMABAD: Gold price increased in the country for the second session in a row by Rs2,300 per tola on Monday, in line with the international market where the price touched a new high in the intra-day. According to the data provided by the Karachi Sarafa Association, the price for one tola of 24-karat gold increased to Rs250,400 from Rs248,100. Similarly, the price for 10 grams of 24-karat gold increased to Rs214,678 from Rs212,706, showing an uptick of Rs1,972. Likewise, the price for 10 grams of 22-karat gold increased to Rs196,788. It is worth noting that the price has been kept Rs4,000 below its actual cost, the Karachi Sarafa Association reported, saying: “In view of the significant reduction in purchasing power, the price of gold today has been kept under cost by Rs4,000.” The gold price in the country surged by Rs7,100 per tola in April. It may be noted that the gold price hit an all-time high in Pakistan on April 20 when it reached Rs252,200. Earlier gold price per tola in Pakistan hit all-time highs of Rs251,900 on April 17, Rs247,300 on April 16 and Rs247,600 on April 9.
On the other hand, gold futures in the international market as of 1315 hours GMT were available at $2,419.90 per ounce, showing an increase of $5.50. Out of the $5.50 increase, -$2.10 was due to strengthening of the US dollar and +$7.60 was due to predominant buyers, according to the Kitco Gold Index.