KARACHI: Gold price rose by Rs600 per tola in Pakistan despite the appreciation of the Pakistan rupee against the US dollar and a decline in international prices.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold rose by Rs600 per tola and Rs514 per 10 grams to settle at Rs151,800 and Rs130,144, respectively.
Pakistan is a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the precious metal locally.
Accordingly, the gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.
The latest price for local markets was determined to keep in view the prices at which trade took place among buyers and sellers.
In the international market, the price of the yellow metal declined by $5 per ounce settling at $1,676 as some investors locked in profits after a sharp rise in the previous session, while markets awaited this week’s US inflation data to get cues on the Federal Reserve’s rate hike path.
The precious commodity’s rates in Pakistan are around Rs2,000 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,610 per tola and Rs1,380.31 per 10 grams.
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