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Gold prices increase by Rs500 per tola 

Gold prices increase by Rs500 per tola 

KARACHI: The per tola gold price witnessed an increase of Rs500 to Rs119,500 in the domestic market on Saturday.

Likewise, 10-gram gold price rose to Rs102,451 showing an increase of Rs428.

Rate of precious yellow metal in international markets increased by $10 per ounce to $1945, resulting in an increase in domestic prices of gold, said a spokesperson of All Pakistan Jewelers Association.

Earlier on August 12, gold had maintained its downturn in domestic market on Wednesday, falling by Rs5,200 to Rs119,600 per tola.

According to All Pakistan Jewellers Manufacturers Association, 10 grams of yellow metal had registered a decline of Rs4,457 and clocked at Rs102,537.  The downturn in domestic gold rates had been witnessed after yellow metal prices came down in global market.

According to Reuters, gold had rebounded in volatile trade in the global market that day, jumping above $1,900 after its steepest sell-off in seven years, as data showed Britain’s economy shrank by a record 20.4% between April and June, fuelling coronavirus-led slowdown fears.