After experiencing two continuous reductions, the cost of gold in Pakistan saw a significant upswing on Saturday. According to data provided by the All-Pakistan Gems and Jewellers Association (APGJA), the price of 24-carat gold rose by an impressive Rs. 4,900 per tola, reaching a new height of Rs. 202,000. Meanwhile, the price for 10 grams also saw an increase of Rs. 4,201, closing the week at Rs. 173,182.
Traders officially announced the updated gold prices after a nearly month-long hiatus, with the unveiling taking place on October 10 (Tuesday). Initially, the price for 24-carat gold was Rs. 199,500 per tola on Tuesday, but it surged by Rs. 5,500 per tola on Wednesday, reaching Rs. 205,000. Unfortunately, there was a sudden dip on Thursday, causing the price to plummet by Rs. 7,800 per tola. This decline continued with an additional Rs. 100 drop on Friday.
In conclusion, the net result for the week indicates a cumulative increase of Rs. 2,500 per tola in the price of gold. It’s noteworthy to mention that traders have adopted a fresh pricing approach for gold, where the cost is determined based on interbank trading.
