Gold Price Up By Rs 800 to Settle at Rs 240,800 Per Tola in Pakistan

Mon May 27 2024
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ISLAMABAD: After a decrease of Rs 2000 during the last two working days, the per tola price of 24 karats of gold turned bullish again and went up by Rs 800 to settle at Rs 240,800 on Monday against the previous day’s sale of Rs 240,000.

Meanwhile, the rates for the 10 grams of 24 karats of the precious metal also registered an increase by Rs 686 to reach Rs 206,447 from the previous day’s sale of Rs 205,761 whereas the price of 10 grams of the 22 karats of gold increased to Rs 189,243 against the previous price of Rs 188,615.

The price of per tola and ten grams of silver, however, witnessed no change and remained constant at Rs,2,800 and Rs.2,400.54 respectively.

Gold Price in International Market

Like the local bullion market, the rates for the precious metal in the international market went up by $10 to settle at $2,343 against the previous day’s price of $2,333 per ounce.

Earlier during the last several months, the international market registered a historic record high a number of times including the latest one where the price for the yellow metal crossed $2450 per ounce.

The international market for the yellow metal remained highly volatile recently due to a number of reasons including investment from the Chinese investors (two months before) as their stock market went down and they turned to invest in the safe heaven.

Meanwhile, a number of private banks in the US also chose to invest in the yellow metal taking its price first above $2300 and then even above $2400 per ounce.

During the last couple of weeks, the price of gold in the international market witnessed a significant upward trend that influenced most of the gold markets across the globe. After a major hawkish rally, its price increased by over $280 per ounce during the last six to seven weeks. The Price for the yellow metal then went down to $2300 a couple of weeks before.

However, after a continuous increase during the last couple of weeks, followed by the involvement of Chinese investors price of the precious metal jumped again passed $2400 per ounce and reached a new historic high of $2450 per ounce.

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