KARACHI: Gold prices inched lower on Friday amid a lack of clear direction as investors continued to assess the developments on the economic and political front.
Analysts believe gold could remain volatile until there’s clear direction as the 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.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold declined by Rs400 per tola and Rs342 per 10 grams to settle at Rs158,000 and Rs135,460, respectively.
In the international market, the price of the yellow metal edged lower by $5 per ounce settling at $1,761.
The precious commodity's rates in Pakistan are around Rs1,000 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,690 per tola and Rs1,448.90 per 10 grams.
Gold price settles at Rs159,600 per tola and Rs136,831 per 10 grams, respectively
Rupee down Rs0.02 or 0.01% to close at 223.94 in the interbank market
SBP says decision reflects MPC’s view that inflationary pressures have proven to be stronger and more persistent...
Sialkot is also the source of footballs for the 2022 FIFA World Cup in Doha, Qatar
With the current foreign exchange reserves position, Pakistan has an import cover of 1.6 months
Dollar demand continues unabated, besides, greenback supply remains short of demand