Gold continues glittering, price surges by Rs1,400 per tola in Pakistan

Karachi: Gold price in Pakistan soared above Rs152,000 per tola level as political uncertainty in the wake of the current situation in the country triggered bullion’s appeal among investors and users.

According to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of the gold jumped by Rs1,400 per tola and Rs1,200 per 10 grams to settle at Rs152,400 and Rs130,658, respectively.

Cumulatively, the precious commodity has gained Rs6,000 per tola during the last five sessions.

In the international market, the price of the yellow metal declined by $12 per ounce settling at $1,651 as the dollar rose, with zero-yield bullion giving up gains from bets for a slowdown in monetary tightening later in the year as immediate focus turned to an impending rate hike next week.