- Gold price settles at Rs148,100 per tola.
- Increase in prices is negatively affecting local demand.
- Silver prices remain unchanged.
KARACHI: Gold rose on Thursday as the rupee’s retreat temporarily seemed to stave off some pressure on the precious metal.
Investors resorted to buying gold as they’re seeing that the rupee is slightly slowing down which helped the precious metal surpass the psychological barrier of Rs148,000 per tola.
The price of yellow metal rose Rs1,800 per tola and Rs1,543 per 10 grams to settle at Rs148,100 and Rs126,972, data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.
Cumulatively, the precious commodity gained around Rs5,000 per tola in the previous three sessions. However, the market is expected to adapt a wait-and-see strategy before the clear direction of the rupee.
Gold dealers said that the return of inflationary days in Pakistan and around the world has once again invited investors’ attention towards the yellow metal as at such a time, safer commodities turn attractive.
While the increase in prices is inviting attention from investors, it is negatively affecting local demand.
In the international market, the price of yellow metal rose by $8 per ounce to settle at $1,676.
Gold rates in Pakistan are around Rs2,600 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,570 per tola and Rs1,346.02 per 10 grams.