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Gold price increases Rs850 to reach Rs48,000

Gold price increases Rs850 to reach Rs48,000

KARACHI: Gold price in Pakistan has raised Rs850 per tola (11.66 grams), touching the highest rate in four weeks of Rs48,000 and showing increase of 1.80 per cent.

All Sindh Saraf and Jewellers Association President Haroon Rasheed Chand said that the gold price in New York market also surged by $40 an ounce to $1,231 an ounce during Eid holidays (from Monday to Wednesday) here.

An official at Arif Habib Commodities was of the view that weak data of major economics helped gold prices surge, adding that the demand and price of gold increase whenever world economic powers show signs of weakness.