Gold price surges to six-month high

KARACHI: Gold price soared on Wednesday to a six-month high of Rs225,400 per tola (11.66 grams) as the precious metal took cue from the rising global market that touched an all-time high. On the other hand, the Pakistani rupee maintained its downtick for the fourth consecutive working day and closed at Rs279.35 against the US dollar in the inter-bank market. According to State Bank of Pakistan’s (SBP) data, the domestic currency ticked down Rs0.04 on a day-on-day basis. All Pakistan Saraf Gems and Jewellers Association reported that bullion became costlier by Rs1,500 per tola, with a cumulative surge of 5%, or Rs10,600, in the past six successive working days. Talking to The Express Tribune, Interactive Commodities Director Adnan Agar said gold hit a record high at $2,149 per ounce (31.10 grams) in the international market late evening (according to Pakistan time), following a quick surge of almost $100 in the past three days.