KARACHI: The price of 24 karat per tola gold witnessed an increase of Rs800 and reached all time high to Rs132,800 despite decline at international market.
The price has reached Rs132,000 in the local market the previous day. The price of 10 gram 24 karat gold also increased by Rs686 to Rs113,855 from Rs113,169 whereas that of 10 gram 22 karat went up to Rs104,367 from Rs103,738, All Sindh Sarafa Jewellers Association reported.
The price of per tola and ten gram silver remained constant at Rs 1520 and Rs1303.15 respectively. The price of gold in international market decreased by $2 and was traded at US$1926 against its sale at US$1928, the association reported.
The increase in gold was seen as the commodity turned positive because risk-off sentiment gripped financial markets amid the possibility of more Western sanctions on Russia.
The aggressive US rate hike bets kept bullion near a one-week low in the world market during the day. It maintained an uptrend for the past two successive working days in the domestic market.
In the international market, spot gold rose 0.3% to $1,928.96 per ounce. US gold futures GCv1 were 0.3% higher at $1,932.40. Gold rates in Pakistan are around Rs5,000 below the cost compared to the rate in the Dubai market. Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 and Rs1,303.15 today.
