ISLAMABAD: After continues depreciation for the last three days, the per tola price of 24 karats of gold went up by Rs 500 on Friday to settle at Rs 241,700 against the previous day closing of Rs 241,200.
Meanwhile, the rates for the 10 grams of 24 karats of the precious metal also went up by Rs 429 to close at Rs 207,219 from Rs 206,790 whereas the price of 10 grams of 22 karats of gold increased to Rs 189,950 from the last day price of Rs189,558, as reported by All Sindh Sarafa Jewellers Association reported.
However, like the last two days, the price of per tola and ten gram silver remained unchanged at Rs 2,900 and to Rs 2,486.28 Respectively.
Gold Price in International Market
Amid the recent fluctuation, the price of the precious metal in the international rate also went up by $7 to settle at $2,342 per ounce from the previous day closing of $2,335 per ounce.
Earlier during last several months, the international market registered a historic record high for a number of times including the latest one where the rates for the yellow metal surpassed $2450 per punce
The international market for the yellow plates remained highly volatile recently due to a number of reasons including investment from the Chinese investors (two months before) as their stock market went bearish and they opted to invest in the safe heaven.
Meanwhile, a number of private banks in the US also opted to invest in the yellow metal taking its price first above $2300 and then even above $2400 per ounce.
During last couple of weeks, the rates for the precious metal in the international market registered a significant upward trend that influenced most of the gold markets across the globe. After a major bullish rally its price appreciated by over $280 per ounce during last six to seven weeks. The Price for the yellow metal then decreased to $2300 a couple of weeks before.
However, after continues increase during last couple of weeks, followed by involvement of Chinese investors price of the precious metal jumped again passing $2400 per ounce and reached new historic high of $2450 per ounce.
