Price of Gold in Pakistan Goes up by Rs. 6,350 Per Tola in Outgoing Week

The price of gold in Pakistan registered an increase of Rs. 6,350 tola in the outgoing week.

According to the data released by the All-Pakistan Gems and Jewellers Association (APGJA), the price of gold (24 carats) went down by Rs. 150 per tola to Rs. 208,350 while the price of 10 grams dropped by Rs. 129 to Rs. 178,626 on Saturday.

The price of the previous metal decreased by Rs. 1,900 per tola on Monday, however, the rates were not issued on Tuesday as traders remained unsure about the new pricing mechanism. Wednesday saw the price go up by Rs. 6,400 per tola before a slight decline on Thursday when the price dropped by Rs. 200 per tola. On Friday, the price surged by Rs. 2,200 per tola. Despite the slight decline on Saturday, cumulatively, the price of the precious metal rose by Rs. 6,350 per tola during the week.

It is pertinent to mention here that gold traders in Pakistan have adopted a new pricing formula for gold based on interbank trading. Under the formula, a premium of $20 will be charged on international prices, and for the calculation of price interbank rate of the US dollar will be used.

The aim of the new pricing mechanism is to bring uniformity in the price of gold across the country.

Source: Pro Pakistani