KARACHI: The local gold prices increased for the third continuous day on Friday, moving with the hauls of international markets. As per figures provided by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola went up by a good Rs. 2,200, therefore reaching Rs. 276,900 at the local market.
Similarly, the price of 10 grams of 24-carat gold earned a boost of Rs. 1,886, earning it Rs. 237,397. The upswing in gold prices is not confined merely to the local market but also marks an uptick in international markets.
Gold was traded in the international market at $22 more on Friday, to conclude at $2,657 an ounce, with an additional premium of $20. This rise in global prices has visibly been impacting the local markets, which have caused these drastic increases.
In contrast, silver prices in the local market remained stable at Rs. 3,350 per tola, sparing the current consumers some peace.
The incessant rise in prices of gold over the last few days is likely to impact tremendously on the jewelry industry and the consuming set of people, who may well have to re-plan their budgets and purchases of gold.
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