KARACHI: Gold fell slightly on Friday as the rupee recovered after four days of losses, with the yellow metal continuing to be pressured by optimism that the recovery phase would keep equities and the currency stable.
In comparison to Thursday’s pricing, the rates declined by Rs450 per tola to Rs130,750 and by Rs386 per 10 gram to Rs112,097.
Read more: Gold rate in UAE Today
On Thursday, gold prices were Rs131,200 per tola and Rs112,483 for ten kilos, according to the All Sindh Sarafa Association’s rates (March 10).
The rupee-dollar parity and international rates are used by the association to determine local prices. Local gold prices usually fall when the rupee appreciates against the US dollar and commodity prices rise in the international market, according to market practice.
A more hawkish tone in economic statistics and a stronger currency would erode demand for gold, which has gained recently from the depreciation of the local currency.
On Friday, the worldwide gold price decreased by $22 per ounce to $1,983.
When compared to the Dubai market, gold prices in Pakistan are roughly Rs6,000 lower.
Meanwhile, silver prices in India remained unchanged today at Rs1,480 per tola and Rs1,268.86 per ten gram.
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