ISLAMABAD: An unexpected but the rapid increase in the price of gold in the international market compelled the investors to scratch their heads as after breaking the previous records, the price of gold in the international market touched new heights on Easter Monday. This increase influenced the price at the local bullion market as on Monday, the per tola cost of 24 karats of gold went up by Rs2,800 to reach Rs237,600 against the previous day’s price of Rs234,800.
The rapid increase in the price of gold in the local bullion market is only due to the continued increase in the international market for the last 2 weeks including this Monday.
Meanwhile, according to All Sindh Sarafa Jewellers Association, the rates for the 10 grams of 24-karats of the yellow metal also increased by Rs2,401 to settle at Rs203,704 as compared to its previous price of Rs201,303 whereas the price of the 10 grams of 22-karats of the yellow plate increased to Rs186,728 against the last day price of Rs184,528.
However, the ten-gram and per-tola silver observed no change and remained constant at Rs.2,600 and Rs.2,211.93 respectively.
Gold Price in International Market
Like the local bullion market, the gold price in the international market recorded a major boost from the morning sessions on Monday both in the Asian and European markets as both markets continued the upward momentum they took from the last session of the US market before the long weekend.
Consequently, the price of gold in the international market went up by $24 to reach $2,278 from the previous day’s price of $2,254 per ounce.
During the last couple of days, the yellow metal in the international market observed a sharp increase that affected most of the bullion markets in the world. After this mega increase, its price increased by more than $150 per ounce during the last two weeks. The Price of the precious metal in the local bullion market is mostly affected by the price in the international market.
