Gold now available for Rs202,400 in domestic market after gaining Rs900
![<p>When financial investors are not buying, the physical market is important in setting a floor price for gold, analysts say [File: Yan Cong/Bloomberg]</p>](https://i.samaaenglish.tv/primary/2023/03/15192824ab00219.jpg)
When financial investors are not buying, the physical market is important in setting a floor price for gold, analysts say [File: Yan Cong/Bloomberg]
The price of gold shot up in the international and domestic markets on Wednesday, amid the bankruptcy of an American bank.
According to the rates set by the Sarafa and Jewelers Association, the new price of 24-karat gold per tola crossed beyond the phycological milestone of Rs200,00 and reached Rs202,400 by gaining Rs900.
Similarly, the price of 10 grams of pure gold increased by Rs771 to a staggering Rs173,525.
In the international market, the price of gold per ounce increased by $20 to $1,924.
Sarafa Bazaar Association Chairman Al Haj Haroon Rasheed Chand said speculators were artificially inflating the market amidst, what he called, a phantom demand of excess gold.
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