For the latest Gold Rates in Pakistan, click here: https://theasianmirror.com/finance/gold-rate-in-pakistan-today/
Even as the rupee continued to weaken against the US dollar in both open and interbank markets, gold prices in Pakistan rose by almost 1%.
Gold prices in the local market fell by Rs 1,200 per tola and Rs 1,029 per 10 kilos to settle at Rs 147,100 per tola and Rs 126,115 per 10 grammes, according to data supplied by the All Sindh Saraf Jewellers Association (ASSJA).
It should be emphasised that Pakistan is still only a modest portion of the world gold market. Since the nation does not manufacture the commodity locally, it must import it to satisfy domestic demand.
As a result, the price of gold in local markets is established by taking into account its costs in international markets, the rupee-dollar exchange rate, and domestic market demand and supply.
It should be mentioned that the price of gold is below cost and is $7,00 less per tola than Dubai.
Bullion prices increased $18 per ounce globally to settle at $1,764; nevertheless, investors are awaiting US Federal Reserve guidance on interest rates.
In the meantime, today’s domestic market silver prices stayed constant at Rs1,540 per tola and Rs1,320.30 per 10 kilos.
