Gold price surges by Rs2,258 per tola, surpasses Rs148,000

Karachi: The gold price in Pakistan crossed important threshold of Rs148,000 per tola on Monday in line with the price movement in the global market.

According to data of the All Sindh Sarafa Association, the price of gold surged by Rs2,400 per tola and Rs2,258 per 10 grams to settle at Rs148,100 and 126,972.

The yellow metal regained its shine last week due to fluctuations in rupee-dollar parity. Cumulatively, the price of yellow metal soared by Rs9,100 per tola in the last four sessions (Thursday-Monday).

The gold prices held above the key $1,700 per ounce level in the international market on Monday, as hopes that the Federal Reserve might slow the pace of rate hikes after mixed US jobs data helped offset pressure from a robust dollar.