Gold price increases in Pakistan by Rs1,200 per tola  

Karachi: The gold price went up by Rs1,200 per tola in line with a massive surge in the international markets on Saturday.

All Pakistan-Sarafa Gems and Jewellers Association said that the price of gold (24 carats) increased by Rs1,200 per tola and the price of 10 grams went up by Rs1,029 per 10 grams to settle at Rs198,700 and Rs170,353, respectively.

Silver prices, meanwhile, in the domestic market remained unchanged at Rs2,080 per tola and Rs1,783.26 per 10 grams, respectively.

In the international market, gold prices jumped nearly 2%, driven by a slide in US Treasury yields and broader financial markets as worries over a fallout in the banking sector eclipsed a strong US jobs report and drove safe-haven flows into bullion. The per-ounce price settled at $1,866 after a surge of $32.

It may be mentioned here that gold demand in Pakistan jumped manifold and it met  almost all its gold demand through imports while the traders follow its international price in setting rates in the country.

In Pakistan, Jewellers imported the metal against the US dollar and UAE dirham before converting its price into rupees.

The yellow metal, Cumulatively, shed Rs1,300 per tola during the outgoing week — and it had only registered gains twice as the movement of Pakistani currency remains volatile.