In a very volatile week, the price of gold increased sharply on Friday following a surge in international gold price.
A tola was trading at Rs67,200, up by Rs400 from the previous day’s tally, according to data compiled by the All Sindh Saraf and Jewellers Association.
The precious metal saw several price movements up and down this week, falling by Rs600 on Monday and then surging again by Rs200 on Tuesday. It fell again by Rs500 over the next two days before surging up to its current level.
The prices compiled by the ASSJA come with a lag of a day after changes in international prices. 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.
Gold usually goes up when the dollar falls as investors move away from dollar-backed funds to gold and vice versa.
Last year, gold prices increased by 20%, according to the data compiled by the Pakistan Bureau of Statistics (PBS). This was in line with international trends where gold continued to surge and reached a seven-month high. When this report went online, gold futures were trading at $1,293 per ounce in the international market.
In Pakistan, gold prices hit their highest level of Rs68,000 per tola on December 20.