Islamabad [Pakistan]: Gold prices in Pakistan surged by Pakistani rupee PKR 2,000 per tola on Wednesday, ARY News reported.
ARY News is a Pakistani news channel.
All Pakistan Gems and Jewellers Association (APGJA) said the price of 24-karat gold per tola increased by PKR 2,000 to settle at PKR 214,800 per tola.
As per APGJA, after a surge of PKR 1,714, 10 grams of 24-karat gold had settled at PKR 184,156.
The 10-gram price of 22-karat gold has reached PKR 168,810.
The price of gold in the international market increased by USD 23 to settle at USD 1,988 per ounce, as per ARY News.
Like gold, the rate of the dollar has also been fluctuating in the local market, while the Pakistan Stock Exchange is making a record as the benchmark KSE 100-index crossed 56,000 points.
Meanwhile, it was recently reported that the short-term inflation in Pakistan has surged 29.88 per cent year on year in the week ending on November 2 due to the increasing prices of kitchen products, according to official data released on Friday, Dawn reported.
Dawn is a Pakistani English-language newspaper.
The weekly inflation, measured by the Sensitive Price Index, also increased 0.71 per cent on a week-on-week basis. The SPI rate decelerated last week following a steady increase over five successive weeks.
The Pakistan caretaker government maintained the prices of petrol and high-speed diesel for the current fortnight, dashing the hopes of consumers who anticipated a significant reduction.
Ogra has recommended a significant decline but the interim government has chosen to keep fuel prices unchanged at high levels.
Of the 51 items in the SPI basket, prices of 12 increased while those of 14 dropped. The number of items whose prices remained unchanged compared to the previous week was 25.
During the week under review, the items whose prices increased the most over the same week a year ago were gas charges for Q1 (108.38 per cent), cigarettes (94.46 per cent), chillies powder (84.11 per cent), rice basmati broken (78.08 per cent), wheat flour (76.51 per cent), sugar (62.60 per cent), rice Irri-6/9 (62.27 per cent), gents sponge chappal (58.05 per cent), tea Lipton (55.79 per cent), garlic (54.51 per cent) and gur (53.53 per cent).