Sunday June 04, 2023

Gold price increases by Rs200 per tola in Pakistan

Gold rate decreases after Pakistani rupee gained ground against dollar amid an increase in supply of greenback

March 10, 2023
A re[resentational image of gold jewellery. — AFP/File
A re[resentational image of gold jewellery. — AFP/File

Gold rate decreased Thursday after the Pakistani rupee gained ground against the dollar amid an increase in the supply of the greenback in the local market.

According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs200 per tola and Rs172 per 10 grams to settle at Rs197,500 and Rs169,324, respectively.

Cumulatively, the yellow metal has shed Rs2,500 during the ongoing week — and it has only registered gains once as the economic situation remains gloomy.

The precious metal scaled an all-time high of 210,500 per tola on January 30, 2023; however, its price started receding after the situation became virtually better on hopes of revival of the International Monetary Fund bailout programme.

Meanwhile, gold price in the international market edged up but was on track for a weekly fall as prospects of further interest rate hikes dented its allure, while traders awaited a US non-farm payrolls report due later in the day.

The price settled at $1,834 per ounce after registering a handsome gain of $15.

It should be noted that Pakistan meets almost all its gold demand through imports, and traders follow its international price in setting rates in the country. Jewellers import the metal against the US dollar and UAE dirham before converting its price into rupees.

Meanwhile, silver prices in the domestic market remained unchanged at Rs2,120 per tola and Rs1,817.55 per 10 grams, respectively.