KARACHI – Gold prices rebounded in Pakistan on Friday amid upward trend in global markets after it recorded a decline in previous session.
Data shared by All Pakistan Gems and Jewellers Association showed per tola price moved up by Rs3,400 to settle at Rs490,362.
Similarly, the price of 10-gram surged by Rs2,915, taking the new rate to Rs420,406.
In international market, the price of yellow commodity surged by $34 with new rate settling at $4,676.
A day earlier, per tola price dropped by Rs7,100 to settle at Rs486,962. Similarly, the price of 10-gram fell by Rs6,087, bringing new rate to Rs417,491 in local market.
Meanwhile, the government sharply increased fuel prices in response to soaring global oil costs. Petrol has jumped to Rs458 per litre from Rs321.17, a staggering Rs137 increase, while diesel has surged from Rs335.86 to Rs520 per litre, a massive Rs184.49 rise.
Petroleum Minister Ali Pervaiz Malik made announcement in a press conference alongside Finance Minister Muhammad Aurangzeb. At the start of the briefing, Malik expressed gratitude to President Asif Ali Zardari, provincial chief ministers, and allied party leadership for their guidance during what he described as a “critical time,” emphasizing the challenges Pakistan faces amid rising global oil prices.
The government is passing the brunt of rising international oil costs directly onto the public, offering only limited relief to select groups such as farmers and motorbike users.
