Gold rises Rs2,400 a tola, recovering part of Saturday's fall
The All-Pakistan Gems and Jewellers Sarafa Association put 24-karat gold at Rs412,136 per tola, still Rs13,500 below the October 28 rate.
Gold prices in Pakistan rose Rs2,400 per tola on Monday to Rs412,136, two days after a Rs10,800 fall, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
The association put 10 grams of 24-karat gold at Rs353,340, an increase of Rs2,058.
Saturday's session took the tola rate down to Rs409,736. Against the level gold held before that slide, it is still down Rs8,400 a tola. Monday's gain recovers less than a quarter of what Saturday erased, and the two sessions together moved the rate by Rs13,200.
The metal is still cheaper for buyers than it was last week. One tola costs Rs13,500 less than the October 28 rate of Rs425,636. Ten grams costs about Rs11,574 less than the Rs364,914 quoted that day.
A family buying five tolas of jewellery would pay around Rs67,500 less than it would have on October 28, before making charges.
Gold has swung sharply in recent weeks, moving by thousands of rupees between sessions. The association quotes the metal in tola and in 10-gram lots, the two measures used in the domestic market, and both moved higher on Monday.
The local market followed the international price, which rose $24 to $3,896 an ounce. Gold briefly reclaimed the $4,000 mark last week and has traded below that level since.
Silver rose as well, gaining Rs100 per tola to Rs5,488.
ProPakistani reported that with the international price still below $4,000 and moving sharply from session to session, local rates could change again in the coming days.
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