close
Friday December 09, 2022

Gold rallies near 3.5-month peak on flight to safety

Gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate

November 15, 2022
People buy jewellery at a jewellery store in Amritsar on October 22, 2022. — AFP/File
People buy jewellery at a jewellery store in Amritsar on October 22, 2022. — AFP/File

KARACHI: Gold prices hit their highest level since August 1 on Tuesday, as demand was boosted by worries over the depreciating rupee and hopes of more stimulus measures to combat the economic blow.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold surged by Rs1,000 per tola and Rs851 per 10 grams to settle at Rs157,000 and Rs134,602, 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 surged by $18 per ounce settling at $1,775.

The precious commodity's rates in Pakistan are around Rs5,500 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,680 per tola and Rs1,440.32 per 10 grams.