KARACHI: The gold price in Pakistan breached the key level of Rs155,000 per tola in line with a surge in demand due to the wedding season.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold surged by Rs2,250 per tola and Rs1,929 per 10 grams to settle at Rs155,400 and Rs133,230, respectively.
On the physical side, demand for gold in Pakistan picked up pace this week as the wedding season kicks off.
In the international market, the price of the yellow metal soared by $52 per ounce settling at $1,760. Gold prices were headed for their best week in more than two years after extending gains on Friday as signs of cooling inflation raised hopes that the Federal Reserve might temper its hawkish policy.
Along with a technical break above the October highs, the likelihood of gold reaching $1,800 has become much more likely in the international market.
On the technical front, gold is trading above its 50-day and 100-day moving averages, which is considered a bullish signal by traders.
The precious commodity’s rates in Pakistan are around Rs2,000 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market rose by Rs20 per tola and Rs17.15 per 10 grams at Rs1,680 per tola and Rs1,440.32 per 10 grams.