ISLAMABAD: Gold prices in the local market increased for the second day in a row despite rupee’s appreciation against the US dollar. According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of one tola of 24-karat gold increased to Rs216,500 from Rs215,000, showing an increase of Rs1,500. Similarly, the gold price for 10 grams of 24-karat surged to Rs 185,820 from Rs184,585, depicting an increase of Rs1,235. During the last eight days, gold prices fell by Rs23,100 a tola in the country. This rise in the gold price was attributed to an increase in prices in the global markets. On the other hand, as of 1350 hours GMT, gold futures in the international market were available at $1,914 per ounce, showing an increase of $1.20 (+0.06 percent). Out of the $1.20 increase, -$1.65 was due to strengthening of the US dollar and +$2.85 was due to predominant buyers, according to the Kitco Gold Index. TLTP
