At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
After a two-day pause, gold prices rose again in both international and local markets on Wednesday. In the global bullion market, the price of gold increased by $35 per ounce, reaching $3,975 per ounce.
The upward trend in international markets impacted domestic prices as well. In Pakistan, the price of 24-carat gold per tola rose by Rs3,500, reaching Rs419,862.
Similarly, the price per 10 grams increased by Rs3,000 to Rs359,963.
Read: Gold sheds Rs14,000 on global weakness
Earlier on Tuesday, gold prices extended their decline, mirroring weakness in the international bullion market, as investors awaited the US Federal Reserve’s policy decision and optimism around US-China trade talks reduced safe-haven demand.
According to data shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola fell by Rs14,000 to Rs416,362, while the rate for 10 grams dropped by Rs12,003 to Rs356,963. On Monday, gold had already slipped by Rs3,300 per tola to Rs430,362.
In the global market, gold touched a three-week low of $3,886 per ounce before recovering slightly to $3,963. Adnan Agar, Director at Interactive Commodities, said the market has been under pressure due to heavy selling in recent days.
