Gold shoots up by Rs1,450 per tola in one day

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Take cue from world market; increase comes ahead of expected US rate hike.FRO bulletin spot

KARACHI: The price of gold shot up by Rs:1450 in Pakistan on Tuesday taking it to Rs:67,800 per tola 12 grams.

Similarly, the price of 10 grams of gold rose by Rs:1244 taking it to Rs:58,128. The hike was attributed to increase in gold price in the international market.

The Sindh Sarafa Bazar Association said the price of gold first went up by Rs;850 per tola, followed by another Rs:600 increase during the day.

Haroon Chand, president of Sindh Sarafa Bazar Association, said quoting closing price of gold twice has been a practice in the past, depending upon unusual fluctuation in price.

He said there were buyers of gold in the market, but not sellers, which has resulted in increase in its price.

Chand said the price of gold rose by $10 in the international market taking it to $1250 per ounce.

 

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