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Gold inching closer to its all-time high

The price of gold has been increasing for the last four days and the precious metal is now trading close to its all-time high.

Gold prices have increased by Rs750 per tola since February 5 and a tola is now trading at Rs67,850 per tola, according to data compiled by the All Sindh Saraf and Jewellers Association. In Pakistan, gold prices hit their highest level of Rs68,000 per tola on December 20.

Related: Gold price increases by Rs500

The prices compiled by the ASSJA come with a lag of a day after changes in international prices. Pakistani traders adjust gold prices based on price movements in the international market and fluctuation in the dollar rates as well as market forces of demand and supply.

Last year, gold prices increased by 20%, according to data compiled by the Pakistan Bureau of Statistics. This was in line with international trends where gold continued to surge and reached a seven-month high. When this report went online, gold futures were trading at $1,314 per ounce in the international market.

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