The price of gold in Pakistan increased by Rs. 500 per tola on Monday.

Data from the Karachi Sarafa Association indicates that the price of 24-carat gold rose by Rs. 500 per tola, reaching Rs. 242,000, while the price for 10 grams increased by Rs. 429, now standing at Rs. 207,476.

Read more: Gold Prices In Pakistan Experience A Minor Decline

The Sarafa Association noted that gold prices have been kept Rs. 1,500 below cost due to the reduced purchasing power of buyers. Last week, gold was priced up to Rs. 4,500 per tola below cost.

In the international market, spot gold prices rose by 0.4 percent to $2,330.56 per ounce at 0834 GMT, while US gold futures increased by 0.5 percent to $2,343.30.