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Gold prices increase by Rs200 per tola

International prices are at their highest level in the last six months

SAMAA | - Posted: Dec 28, 2018 | Last Updated: 3 years ago
SAMAA |
Posted: Dec 28, 2018 | Last Updated: 3 years ago

International prices are at their highest level in the last six months

Photo: AFP

The price of gold increased by Rs200 per tola on Friday as international gold prices remain at their highest level in the last six months.

Earlier in the week, gold prices saw a rather see-saw movement, decreasing by Rs1,000 per tola on Wednesday to trade at a two-week low of Rs66,000, before surging up again by as much the next day.

A tola is now trading at Rs67,200, according to data compiled by the All Sindh Saraf and Jewellers Association.

Pakistani traders adjust gold prices based on price movements in the international market and fluctuation in the dollar rates as well as market forces of demand and supply.

Related: In a see-saw movement, gold prices go up again

Gold prices hit their highest level of Rs68,000 per tola on December 20 before falling back in the next few trading sessions.

The prices compiled by the ASSJA come with a lag of a day after changes in international prices. Last week gold dipped slightly amid political uncertainty in the US market. However, it rallied again on Christmas as the dollar also fell — gold usually goes up when the dollar falls as investors move away from dollar-backed funds to gold and vice versa.

When looked in the longer context, rupee depreciation, international price and local demand has been driving the gold rates up. For example, gold prices increased by more than 8% in the last three months. The trend may hold for a while given the uncertainty around rupee-dollar exchange rates.

When this report went online, gold futures were trading at above $1,280 per ounce in the international market, their highest level in the last six months.

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