Pakistan In Focus.

• Position: Gold and petrol price in Pakistan

ECONOMIC TIMES OF PAKISTAN

Gold price touches fresh peak at pkr 78,100 per tola

The price of gold surged and touched a historic high at Rs78,100 per tola (11.66 grams) on Friday, following a surge in prices of the precious metal to a six-year high in the international market due to escalation in tensions between the US and Iran.

All Sindh Saraf and Jewellers Association (ASSJA) announced an increase of Rs800 per tola after gold price shot up $13 to $1,394 per ounce in the London market on Friday.

"Jewellers have not only passed the increase in international gold prices on to domestic consumers, but they have also incorporated the impact of rupee depreciation against the US dollar into retail prices," an officer-bearer of ASSJA said.

"Gold has surged around $100 per ounce in the past 20 days in the world market," Rays Commodities Chief Operating Officer Adnan Agar told.

"A notable gain out of the surge of $100 per ounce was recorded since Monday when Iran shot down a US drone and the US central bank left interest rate unchanged at 2.5%," he said.

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