Gold price surges to historic high at Rs111,250 per tola

ISLAMABAD: In line with the global trend, the price of 24-karat gold in Pakistan increased by Rs1,600 to a record Rs111,250 on Monday, as against its previous closing at Rs109,650, Karachi Sarafa Association (KSA) reported.

This was the fourth consecutive session where gold registered a hike in price. 

According to KSA, the price of 10-gram gold witnessed a decrease of Rs1,371 to Rs95,379, as against its sale at Rs94,007.

However, the price of per-tola silver remained stable at Rs1,100 whereas that of 10-gram silver also remained constant at 943.07.

Gold prices in the international market increased by $7 to $1,813 on Monday, as against its sale at $1,806 a day before.

Previously, there was a greater lag between the movement in local and international prices. Analysts had expected it to be synchronized as time went on. 

As local demand has propped up owing to better purchasing power after easing of the lockdown, along with wedding season to go on with isolation, the price of gold is rising locally in line with international prices. 

 

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Ariba Shahid
The author is a business journalist at Profit. She can be reached at [email protected] or at twitter.com/AribaShahid
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