ISLAMABAD: After a continuous and significant decline for the last six to seven days, the per tola price of 24 karats of gold finally turned up and witnessed a major increase by Rs.5,600 to settle at Rs.215,000 on Tuesday compared to its last-day sale at Rs.209,400.
Meanwhile, as reported by All Sindh Sarafa Jewellers Association, the price of 10 grams of 24 karats of gold also went up by Rs.5,058 to close at Rs.184.585 from its previous day rates of Rs.179,527 whereas the price of 10 grams of 22 karats of gold increased up to Rs.168,967 from Rs.165,544 on Monday.
The price per tola and ten grams of the white plate (silver) went up by Rs.50 and Rs42.87 to settle at Rs.2,550 and Rs.2,186.21, respectively.
Unlike the local market, the price of gold in the international market went down by $15 to settle at $1,911 from its last-day price of $1,926 per ounce.
Increase in Gold Price
The price of the precious metal recorded a major increase during the last seven to eight days and slid down from Rs, 2,39,000 per tola to Rs Rs.209,400 per tola. The sudden decrease in the price of the precious metal was attributed to the recent crackdown by the government against hoarding and smuggling, resulting in the appreciation of local currency and the decrease in the price of Gold.
However, the increase in price of the precious metal on Tuesday is attributed to the balancing of the market as the bullion experts are of the view that the price of the yellow metal went down sharply in the last few days, up to over Rs 25,000. Therefore, an increase was predicted in the market.
