Gold price per tola jumps Rs1,800 in Pakistan

Lahore: The gold prices in Pakistan increased on Friday in line with their increase in international rates. In the local market, the price of gold per tola increased by Rs1,800, clocking in at Rs276,200.

Similarly, 10-gram gold was sold at Rs236,797 after it recorded a gain of Rs1,543, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

On Thursday, gold price was decreased by Rs1,100 to settle at Rs274,400.

Meanwhile, the international rate of gold increased on Friday. As per APGJSA, the rate was at $2,660 per ounce (with a premium of $20), and up by $18 during the day.

Silver prices remained stable at Rs3,050 per tola.

Last week, gold price hit a record high level of Rs277,000 per tola in Pakistan.

Internationally, gold prices traded flat on Friday but were slightly down for the week, as market focus shifted to a crucial US payrolls report for clearer insight into the Federal Reserve’s anticipated interest rate reduction next month.

Spot gold was steady at $2,657.13 per ounce, as of 0034 GMT. Bullion was on track for a weekly decline, after three straight weekly gains.

US gold futures fell 0.1% to $2,676.70.

Bullion is considered a safe investment during times of political and financial uncertainty.