Gold Price hits All Time High Rs. 65,550 per tola

in Business

Local gold prices increased to an all time high. The rate per tola on Tuesday (11 Dec, 2018) reached to Rs65,550 per tola while the rate of 10 grams reached Rs56,199.

An increase of Rs. 100 in the local one tola and Rs. 86 in the 10 grams rates were observed. On the other hand there has been no change in world gold price which has been stable at $1,247 per ounce.

 

Compared to the prices at the beginning of the current year, there has been an increase of Rs. 9,379 and Rs. 8,028 in the price of the local one tola & 10 grams respectively. The prices of one tola and 10 gram rates were Rs. 56,171 and Rs. 48,171, respectively.

The local gold prices are in an opposite trend to the world gold prices which has declined by $54 per ounce since January, 2018. The main reason behind this is the devaluation of the rupee against the dollar. However, on the other hand, the marriage season is on full swing & gold demand is usually high during this season.

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