Daily Times

Gold price snapped a three-day losing streak in the local market on Friday and increased by Rs1,300 per tola, following an uptick in prices in the international markets. According to the data provided by Karachi Sarafa Association, the price for one tola of 24-karat gold increased to Rs215,000 from Rs213,700. Similarly, the price for 10 grams of 24-karat gold increased to Rs184,328 from Rs183,213, showing an uptick of Rs1,115. Similarly, the price for 10 grams of 22-karat gold increased to Rs168,976 from Rs167,945, surging by Rs1,031. Despite this increase, the gold price is likely to go down this week on week-on-week. Earlier, gold price in the country declined last week by Rs550 per tola. It was the second consecutive week when the prices of the yellow metal decreased in the country. On the other hand, as of 1155 hours GMT, gold futures in the international market were available at $2,031 per ounce, showing an uptick of $8.60. Out of the $8.60 increase, +$1.35 was due to weakening of the US dollar and +$7.25 was due to predominant buyers, according to the Kitco Gold Index. Gold price increased as the appeal for safe-haven assets improved due to the deepening Middle East conflict. Adding to the war in Gaza, tensions between Houthi rebels and the United States military are increasing in the key commercial shipping route crossing the Red Sea.