Gold price in Pakistan rises Rs1,400 per tola to Rs423,436

Gold prices rose in Pakistan's domestic market on Monday, October 26. The price of 24-karat gold per tola increased by Rs1,400 to Rs423,436, according to rates issued by the All Pakistan Sarafa Gems and Jewellers Association.

The association also reported that 10 grams of 24-karat gold went up by Rs1,201 to Rs363,028. The price of 10 grams of 22-karat gold rose by Rs1,101 to Rs332,787.

In the international market, gold gained $14 to reach $4,009 per ounce, the association said. Business Recorder reported that the local rise followed the gain in the international market.

The increase comes after a fall. Business Recorder reported that on Saturday the price per tola stood at Rs422,036 after a decline of Rs2,500 during that day. Express News said prices rose after a break of seven days of declines, while Daily Pakistan Urdu described a fall of five consecutive days. The outlets differ on the length of the preceding decline.

Express News linked the move to a halt in the run of increases in global crude oil prices, which it said affected both global and local bullion markets.

Silver also rose. According to the association, silver per tola increased by Rs20 to Rs5,878. The price of 10 grams of 24-karat silver rose by Rs17 to Rs5,039, as reported by 24 News and APP-based reports. Express News gave the 10-gram silver figure as a fall of Rs17, so the reports differ on the direction of that change.

In the international market, silver rose by $0.20 to $54 per ounce, the association added.