Dealers reported that the price of gold in Pakistan increased for the second session in a row as the safe-haven commodity was once again in the spotlight due to the continued uncertainty surrounding the economy.
The price of gold (24 carats) climbed by Rs 400 per tola and Rs 343 per 10 grammes to settle at Rs 198,400 and Rs 170,096, respectively, according to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).
The yellow metal might become even more expensive as the nation meets its gold requirements through imports, and the country is already experiencing a balance of payments issue. The Pakistani rupee now trades in the interbank market between 269 and 275 against the dollar.
The APSGJA statistics also revealed that local gold is Rs2,000 “overcost” in comparison to the Dubai bullion market.
In the meantime, domestic silver prices held steady at Rs. 2,160 per tola and Rs. 1,851 for 10 grammes.
in the global marketplace. As markets anticipated US inflation statistics that could affect the Federal Reserve’s monetary policy course next week, gold held steady at $1,865 per ounce.
“We will have to see significant and sustained progress on the inflation front before authorities on the monetary side of things will feel comfortable to allow rates to pivot lower,” said Bart Melek, head of commodity markets strategy at TD Securities.
