After two consecutive declines, the price of gold in Pakistan increased by almost Rs. 5,000 per tola on Saturday to close the week at Rs. 202,000.
According to the data released by the All-Pakistan Gems and Jewellers Association (APGJA), the price of gold (24 carats) increased by Rs. 4,900 per tola to Rs. 202,000 while the price of 10 grams registered an increase of Rs. 4,201 to close at Rs. 173,182.
The price of the precious metal was officially released by traders after a gap of almost one month on October 10 (Tuesday). On Tuesday, the price of gold (24 carats) stood at Rs. 199,500 per tola. The price of gold increased by Rs. 5,500 per tola on Wednesday to reach Rs. 205,000. However, on Thursday the price of gold plummeted by Rs. 7,800 per tola and fell by a further Rs. 100 on Friday.
This means that, cumulatively, the price of gold has increased by Rs. 2,500 per tola during the current week.
It is pertinent to mention here that traders have adopted a new pricing formula for gold under which the price will be determined based on interbank trading.
Source: Pro Pakistani
