ISLAMABAD
Gold price in the country surged by Rs500 per tola on Friday amid an increase in the price of the yellow metal in the international market.
According to the data provided by the Karachi Sarafa Association, the price for one tola of 24-karat gold increased to Rs250,700 from Rs250,200. Similarly, the price for 10 grams of 24-karat gold increased to Rs214,935 from Rs214,506, showing an uptick of Rs429. Following suit, the price for 10 grams of 22-karat gold increased to Rs197,024 from Rs196,631, going up by Rs393. Earlier on Thursday, gold price per tola decreased by Rs1,700.
It may be noted that earlier gold price per tola in Pakistan hit all-time high of Rs251,900 on April 17, Rs247,300 on April 16 and Rs247,600 on April 9 amid record increase in the international rate.
On the other hand, gold futures in the international market as of 1335 hours GMT, were available at $2,384.60 per ounce, showing an uptick of $6.70. Out of the $6.70 increase, +$5.85 was due to weakening of the US dollar and +$0.85 was due to predominant buyers, according to the Kitco Gold Index.
The move higher in bullion came exclusively on the back of escalating geopolitical tensions in the Middle East after Israel is contemplating retribution against Iran after the latter launched a huge attack over the weekend.
In the meantime, US yields regained their smile and rose across the curve, maintaining their trade in the upper end of the recent range
From a technical perspective, indicators retreat from extreme overbought levels, suggesting that some decline may lie ahead in the short term. Still, a steeper slide remains out of the picture, as gold price refuses to give up while developing its moving averages above all.
