Daily Times

Gold price in the country surged for the third consecutive session by Rs4,600 per tola on Thursday after the price in the international market reached an all-time high. According to the data provided by the Karachi Sarafa Association, the price for one tola of 24-karat gold increased to Rs232,400 from Rs227,800. Similarly, the price for 10 grams of 24-karat gold increased to Rs199,245 from Rs195,302, showing an uptick of Rs3,943. Following suit, the price for 10 grams of 22-karat gold increased to Rs182,642 from Rs179,027, going up by Rs3,615. Earlier, gold price in the country fell last week for the first time in four weeks by Rs2,700 (-1.17 percent) per tola.The gold rate for a single tola of 24-karat increased to Rs230,200 from Rs220,300. During the month of February, the price for one tola of 24-karat gold increased by Rs200 to Rs215,700 from Rs215,500 while in January, the price for one tola of 24-karat gold decreased by Rs4,500 to Rs215,500 from Rs220,000. On the other hand, gold futures in the international market as of 1140 hours GMT were available at $2,207.10 per ounce, showing an uptick of $21. Out of the $21 increase, -$3.40 was due to strengthening of the US dollar and +$24.40 was due to predominant buyers, according to the Kitco Gold Index.