ISLAMABAD: Gold prices in the local market increased by Rs2,900 a tola on Thursday, following a surge in international bullion prices which touched a two-week high. According to Karachi Sarafa Association, the price of one tola of 24-karat gold increased to Rs207,900 from Rs205,000. Similarly, the gold price for 10 grams of 24-karat increased to Rs178,240 from Rs175,754, with an uptick of Rs2,486. It is important to mention that in a bid to enhance transparency within the gold market, the State Bank of Pakistan has now authorised all gold dealers to calculate domestic bullion rates using the interbank exchange rate. Moreover, the Federal Ministry of Industries and Production has established a 15-member advisory council that will review existing policies related to the gold trade, standards, certification, and value addition. On the other hand, as of 1230 hours GMT, gold futures in the international market were available at $1,881.80 per ounce, showing an increase of $7.80. TLTP
