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Tuesday February 27, 2024

Gold rate increases by Rs2,800 per tola in Pakistan

Cumulatively, gold price declines by Rs2,400 per tola during week ended February 18

February 18, 2023
An undated image of gold jewellery displayed at a store. — AFP/File
An undated image of gold jewellery displayed at a store. — AFP/File

As bargain hunting trickled in after rates dropped a day earlier in response to the continued recovery of the rupee against the US dollar, gold regained lost ground on Saturday.

According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs2,800 per tola and Rs2,400 per 10 grams to settle at Rs196,000 and Rs168,038, respectively.

However, further recovery of the rupee against the greenback as optimism regarding the revival of the International Monetary Fund (IMF) programme clouded the precious metal's outlook despite bargain hunters taking advantage of recent losses.

Cumulatively, the precious commodity lost Rs2,400 per tola during the week ended February 18. 

Meanwhile, silver prices in the domestic market rose by Rs30 per tola and Rs25.72 per 10 grams to settle at Rs2,130 per tola and Rs1,826.13 per 10 grams, respectively.

In the international market, gold prices edged higher by $19 per ounce to settle at $1,843, however, they were on track for their third straight weekly dip as overall stronger dollar and bond yields following fresh hawkish rhetoric from US Federal Reserve officials weighed on the sentiments.

Traders are now keeping an eye on next week’s release of the latest US GDP data for more clues on the path of rate hikes.