Gold prices in Pakistan witness new hike

Karachi: The price of per tola gold in local market plunged by Rs4600 on Thursday.

According to the All Pakistan Gems and Jewellers Association (APGJA), the gold prices in the local market have seen a new peak, seeking the attention of investors and traders.

The remarkable hike was also shadowed in the local market where the price soared up by Rs4600 reaching to a record new of Rs254,000.

In Karachi, the price of 10 grams of gold also experienced on the dot hike climbing by Rs4,287 to reach

Rs217,764. The adjustments were seen after a period of variance in the prices.

Internationally, the price of per ounce gold increased by $60 reaching $2,470.

Earlier on July 9, there was sudden deterioration in the gold prices. Internationally, per ounce price declined by $12 to $2,362.

Meanwhile locally, per tola price saw a little drift by Rs100 to Rs245,000, and the price per 10 grams declined by Rs86 to Rs210,048.

It is pertinent to note that in a week, the local market saw a steep plunge of Rs2,900 over three days. Market analyst co-relate this hike in the prices to quashed buying activity which has triggered the pricing dynamic in the local markets.