After registering a substantial decrease in the previous session, gold prices in Pakistan increased on Friday in line with their increase in the international rate. In the local market, the price of gold per tola was up by Rs2,000, clocking in at Rs278,800.
Similarly, 10-gram gold was sold at Rs239,026 after it recorded an increase of Rs1,715, according to rates shared by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA).
On Thursday, gold price per tola decreased by a massive Rs5,400 to settle at Rs276,800.
The international rate of gold increased on Friday. As per APGJSA, the rate was at $2,683 per ounce (with a premium of $20) and was up by $21 during the day.
Meanwhile, silver remained unchanged at Rs3,300 per tola.
Last month, gold hit an all-time high of Rs287,900 per tola in Pakistan.
Globally, gold inched higher on Friday, extending gains spurred by the Federal Reserve’s widely anticipated quarter-point rate cut amid a cooling labour market and solid economic growth.
Gold prices climbed more than 1% in the previous session, recovering losses after Donald Trump won the US presidential race.
The Federal Reserve cut interest rates by a quarter of a percentage point on Thursday as policymakers took note of a job market that has “generally eased” while inflation continues to move towards the US central bank’s 2% target.
Read the full story at the Business Recorder - Latest News website.
