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Gold prices reach a new high and touch Rs68,500 per tola

February 20, 2019
 

Gold is trading at its highest level as bullion prices have reached a new high of Rs68,500, according to data compiled by the All Sindh Saraf and Jewellers Association.

The price of a tola increased by Rs350 in the last two days, crossing its previous all-time high of Rs68,150 of the previous week.

The price of gold has been on the rise this month and buying a tola is Rs1,400 more expensive than the rates of February 5.

Related: Gold trading at an all-time high

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.

Last year, gold prices increased 20%, according to data compiled by the Pakistan Bureau of Statistics. This rise in gold price is in line with international trend as gold prices have reached a nine-month high in the international market. When this report went online, gold futures were trading at $1,345 per ounce in the international market.

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