ISLAMABAD
Gold prices snapped its four-day losing streak in the country on Friday, with the price of one tola of 24-karat gold surging by Rs2,700.
According to the All-Pakistan Gems and Jewellers Association’s (APSGJA) data, the price of one tola of 24-karat gold increased by Rs2,700 to Rs223,400. Similarly, the gold rate for 10 grams of 24-karat moved up to Rs191,530 from Rs189,315, showing an increase of Rs2,215. Following suit, 10 grams of 22k gold were being traded at Rs175,569, with an increase of Rs2,122.
Overall, the gold prices remained on a downward trajectory during the week in the country and are set to go down for a third week in a row. Gold prices eased by Rs4,150 (-1.79 percent) per tola last week, falling for the second straight week.
During the last five sessions, the price of one tola of 24-karat gold has dropped by Rs4,350.
However, the gold rate in Pakistan fluctuates in accordance with the international market and the final data about the week will be finalised by 2:00am PST on Saturday when the international market will close.
In the international market, as of 1225 hours GMT, the gold futures were available at $1,966.20 per ounce, showing an increase of $8.20 (+0.42 percent). Out of the $8.20 per ounce increase, +$2.10 was due to weakening of the US dollar and +$6.10 was due to predominant buyers, according to Kitco Gold Index.
Gold price built on the overnight goodish recovery from the $1,925-$1,924 area, or a nearly three-month low and attracted some follow-through buying for the second successive day on Friday. The uncertainty over the Federal Reserve’s (Fed) rate-hike path is seen as a key factor lending some support to the non-yielding gold price, though any meaningful appreciating move still seems elusive.
