KARACHI: Gold prices in Pakistan rose by Rs 2,000 per tola to cross the all-important level of Rs 155,000 per tola due to increased demand due to the wedding season.
According to the data released by the All Pakistan Sarafa Gems and Jewelers Association (APSGJA), the price of gold per tola increased by Rs 2,250 and Rs 1,929 per 10 grams to Rs 155,400 and Rs 133,230 respectively.
Physically, demand for gold picked up this week with the start of the wedding season in Pakistan.
The price of gold rose by $52 per ounce to $1,760 in the international market. Gold prices were headed for their best week in more than two years after rising on Friday as signs of cooling inflation raised hopes that the Federal Reserve could wind down its dovish policy.
With a technical break above the October high, the possibility of gold reaching $1,800 in the international market has become more likely.
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 prices of precious items in Pakistan are about Rs 2,000 lower than the price in the Dubai market.
Meanwhile, silver prices in the domestic market increased by Rs 20 per tola and Rs 17.15 per 10 grams to Rs 1,680 per tola and Rs 1,440.32 per 10 grams.
