Gold Price Reaches Rs94,800 Per Tola

On Jan 1, international gold price was $1,565 per ounce as compared to current rate of $1,675, showing a jump of $110 per ounce in the last one year depending on political and economic developments taking place in Europe, US and the Middle East.

Gold Price Reaches Rs94,800 Per Tola

On investment in gold by market people and general public, he said investors move from one commodity to other depending on price fluctuations, but investment in gold has slightly declined in Pakistan this year as compared to 2011.

He added that a number of families continue to bring their old jewellery sets and even gold bars for making new jewellery sets in lighter weight. He claimed that gold in Pakistan is currently selling under cost by Rs400-500 per tola as compared to rates prevailing in Dubai.

Artificial and imitation gold jewellery sets have made deeper inroads in Pakistan and changing trend of wearing heavy jewellery sets by brides on their weddings is being witnessed owing to high gold prices, and deteriorating law and order situation.

The price of hallmark gold has been fixed at Rs 96 thousand 400 per tola while that of the worked gold is Rs 95 thousand 900 per tola, today, the Federation of Nepal Gold and Silver Dealers Associations said.

The price of 10 grams of 24k gold was Rs94,800 at the opening of trading. Likewise, 10 grams of 22k gold was being traded for Rs86,900 with the price of a tola amounting to Rs101,290 at the opening of the market.

Important note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. Below rates are provided by local gold markets and Sarafa Markets of different cities.

Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.

KARACHI: A single tola of 24-karat gold in Pakistan was being sold at Rs110,000 on Saturday at the closing of market in the bullion market after the price of the precious metal decreased by Rs800 during the intra-day trading.

Gold rates in Thrissur could be cheaper than the rates in other cities, on account of the manufacturing industry being here, but the cost of raw gold is primarily determined after taking international prices into account.

The cost of gold in Thrissur changes periodically, with minor fluctuations witnessed on a regular basis. The amount an individual pays to purchase gold depends on the purity, with 18 or 22 karat gold being lighter on the pocket compared to 24 karat gold. The demand for gold also has an impact on prices, with low demand leading to lower rates while high demand leads to a rise in costs.

Tracking a positive trend in the international markets, the prices of gold jumped in India on 31 August 2021. Gold futures prices for the month of October on MCX jumped by 0.27% or Rs.125 and were at Rs.47,289 for 10 grams. In the previous session, gold prices closed at Rs.47,164 for 10 grams. In the international markets, spot gold prices jumped by 0.1% and were at $1,812.27 for an ounce. Gold futures prices in the US jumped by 0.2% and were at %1,816.00 for an ounce.

Following a favourable trend in international spot prices, India Gold MCX August Futures traded higher on Thursday, 29 July 2021 after the US Federal Reserve failed to provide a date for its tapering intentions. August gold contracts were trading 0.39% higher at Rs.47,764 for 10 grams on the Multi-Commodity Exchange (MCX). Silver prices for September were 1.2% higher at Rs.67,192 per kilogram.

On Tuesday, August gold contracts were trading 0.34 percent higher on the Multi-Commodity Exchange (MCX). The increase saw 10 grans of the precious metal cost Rs.47,462. Spot gold price remained steady at $1,792.34 per ounce. It needs to be mentioned here that spot gold recorded its highest price since June 18 on July 2 when an ounce $1,794.86. In the international market, August gold futures contract settled at $1,783.30 a troy ounce.

Gold futures prices for the month of June on MCX fell by 0.31% on 28 May and were at Rs.48,430 for 10 grams. A weak trend in the international markets ensured that the prices of the yellow metal fell in India as well. In August 2020, gold prices hit record highs and were at Rs.56,191 for 10 grams. In the international markets, gold prices traded flat on 28 May. Spot gold prices remained unchanged and were at $1,896.71 for an ounce. Gold futures prices in the global markets jumped by 0.1% and were at $1,899.50 for an ounce.

On the Multi Commodity Exchange, gold futures were trading at Rs.47,220 per 10 grams and had declined by Rs.99. The price of the metal hit an intraday high of Rs.47,314 per 10 grams and an intraday low of Rs.47,226 per 10 grams.

Gold prices in India jumped by Rs.10 on 20 April 2021 and were at Rs.46,080 for 10 grams. In the previous session, the prices of the yellow metal were at Rs.46,070 per grams. In the national capital, the prices of gold were at Rs.50,630 per 10 grams. The prices of gold in Chennai, Kolkata, and Mumbai were at Rs.49,040 per 10 grams, Rs.49,610 for 10 grams, and Rs.46,080 for 10 grams, respectively. Unlike gold, silver rates fell and were at Rs.684 per 10 grams. In the previous session, the prices of the white metal were at Rs.692 for 10 grams.

Gold prices increased for the second straight day on 23 February by Rs.268 to Rs.46,917 per 10 grams. The rise in prices was majorly due to the incline seen in the international market. 22-karat gold in Mumbai was Rs.42,976 per 10 grams and 24-karat gold was Rs.46,917 per 10 grams.

Spot gold had increased by 0.6% to $1,840.79 per ounce along with silver prices as well. The precious metals had previously seen a consecutive fall in prices due to a strong dollar in the market and the rising U.S. Treasury yields.

According to experts, investors may purchase the metal if it dips towards the Rs.48,800 per 10 grams level. In the international market, gold prices were holding steady at $1,829.90 per ounce and silver contracts for March delivery were priced at $24.86 per ounce.

Following positive trends in the international markets, gold prices in India increased on 4 January 2021. Gold futures prices for the month of February on MCX jumped by Rs.1,025 and were at Rs.51,266 for 10 grams. In the last session, the prices of yellow metal rose by 0.17%. In the international markets, gold rates increased to a near two-month high. The main reasons for the increase in prices were the surge in the number of coronavirus cases and a weak dollar. Spot gold prices jumped by 2.3% and were at $1,942.07 for an ounce.

On 16 October 2020, the prices of gold in India were trading flat. Gold prices on MCX were at Rs.50,660 per 10 grams. In the previous session, the prices of the yellow metal closed at Rs.50,712 for 10 grams. In the international markets, spot gold prices were at $1,906.80 for an ounce. So far in 2002, the prices of gold have increased by 26%. The main reason for the prices of gold to increase was the coronavirus outbreak and the subsequent lockdown. The recent spike in the number of coronavirus cases has added further uncertainty that the economy will recover anytime soon.

Amid a selloff of equities in the international markets, the prices of gold increased in India on 4 September 2020. Gold futures prices for the month of October on MCX increased by 0.3% and were at Rs.50,911 for 10 grams. In the previous session, gold futures prices fell by 0.12%. Before 4 September, the prices of gold had fallen for three days in a row. On 7 August, the prices of gold hit record highs and were at Rs.56,200 for 10 grams. In the international markets, the prices of gold increased by 0.4% and were at $1,937.84 for an ounce.

The price of gold and silver showed a bullish trend throughout the previous week where gold prices increased by 2.81% and silver had gained 13.73% in the international market. At the Multi Commodity Exchange, gold prices inclined by 1.79% and silver gained by 14%.

According to sources, gold has been getting support at the $2,000 per ounce levels and could test the $2,055 level again. Whereas, at the Multi Commodity Exchange, the metal is getting support at Rs.54,100 per 10-gram levels and could test at Rs.55,340 levels if the price sustains above the Rs.54,880 per 10 grams.

The price of gold in the country fell substantially on 14 July due to a declining trend in the market and profit-taking amongst investors. Gold futures on the Multi Commodity Exchange was down by 0.5% at Rs.48,912 per 10 grams after an incline by 0.55%. Silver prices as well followed suit and were trading at a decline. Silver futures dipped by 1.2% to Rs.52,408 per kg after rising by 3.3% in the previous session.

Gold prices had hit a new high at Rs.49,348 per 10 grams with a rally in the global markets. In the international market, the value of gold eased due to a recovering U.S. dollar. However, the dip in gold prices was capped by constant concern over the rising number of fresh COVID-19 cases all over the world.

The yellow metal dipped by 0.2% to $1,798.52 per ounce and U.S. futures fell by 0.7% to $1,802.20 per ounce. The consistent tensions between China and the United States of America also supported gold prices after disputed claims to offshore resources throughout the South China Sea.

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