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Gold trims gains in Pakistan, closes week with over 1% gain

Gold price settles at Rs158,100 per tola after gaining Rs100 in Pakistan

By Business Desk
November 19, 2022
Gold bangles. —  AFP/File
Gold bangles. —  AFP/File

KARACHI: Gold traded flat on Saturday, retaining gains registered during the week as investors waited for action from the policymakers in hopes that it would do more to tackle the economic crisis.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold edged up by Rs100 per tola and Rs85 per 10 grams to settle at Rs158,100 and Rs135,545, respectively.

Investors are on the watch for details of the government’s measure to prevent the default risk, after Pakistan's five-year credit-default swaps (CDS) — insurance contracts that protect an investor against a default — soared during the week.

That, together with the uncertainty around the State Bank of Pakistan’s future policy moves, will extend the wait-and-see game in gold for a little longer.

Cumulatively, during the week ended November 19, the safe haven asset gained Rs2,200 per tola.

In the international market, the price of the yellow metal declined by $10 per ounce settling at $1,751.

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.