KARACHI – Gold registered a modest recovery in local market of Pakistan on Monday after witnessing significant losses in previous business week.
Data shared by All Pakistan Gems and Jewellers Association showed per tola gold rate surged by Rs1,500 to settle at Rs357,700.
Similarly, the price of 10-gram moved up by Rs1,286 with new rate climbing to Rs306,670.
The bullion rates also recorded upward trend in international market where per ounce price registered an increase of $15 to reach $3,350.
Experts have attributed the increase in gold rates in global market to the lowering US Treasury yields, while investors awaited US President Donald Trump’s meeting with Ukrainian President Volodymyr Zelenskiy and European leaders later in the day amid hopes for an end to the Russia-Ukraine war.
On Saturday, the price of gold per tola dropped by Rs 900, bringing the rate to Rs356,200 per tola. Similarly, the price for 10 grams of gold fell by Rs771 to Rs305,384.
This decrease aligned with global market movements, where the price of gold declined by $9 per ounce. The current international rate is now $3,335 per ounce.
Earlier, the Ministry of Finance announced the new prices of petroleum products on Friday for the next fortnight.
According to a notification issued by the Federal Ministry of Finance, the price of petrol has been kept unchanged, while the price of diesel has been reduced by Rs 12.84 per litre.
The revised prices — based on recommendations from OGRA and relevant ministries — will be effective from August 16.
High-speed diesel will drop from Rs285.83 to Rs272.99 per litre, and superior kerosene oil will be reduced from Rs185.46 to Rs178.27 per litre. Petrol will remain at Rs264.61 per litre.
