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.
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