Business Desk 
Jul 05, 2024
KARACHI: Gold rates in Pakistan maintained its winning streak as the prices increased for the third consecutive session on Friday in line with a positive trend in the international market.
According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs1,100 per tola and Rs944 per 10 grams to settle at Rs244,000 and Rs209,534, respectively.
The association reported that the price of gold has been “under cost” by Rs3,000 per tola in Pakistan, as compared to prices in Dubai. This means that, at present, the Pakistani gold market is less expensive than the world market.
Silver prices in Pakistan also remained unchanged at Rs2,850 per tola and Rs2,443.41 per 10 grams.
In the international market, gold prices were poised for a second straight weekly rise helped by a softer US dollar, while investors braced for the nonfarm payrolls data, which could provide further cues on the Federal Reserve's rate cut timeline.
Spot gold rose 0.4% to $2,364.87 per ounce, as of 0941 GMT, after hitting a two-week high at $2,367.99. Bullion was up more than 1% for the week so far.
Gold prices are witnessing minimal trading activity as a result of reduced activity in U.S. markets due to the Independence Day holiday, said independent analyst Ross Norman. However, the trend is upward, possibly due to a lower dollar caused by recent weak economic data, he added.
How is gold price determined in Pakistan?
Gold price in Pakistan is announced by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), which determines gold prices in Pakistan for local markets six days a week from Monday to Saturday.
Pakistan is a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the precious metal locally.
Accordingly, the gold rate in Pakistan is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets. The latest price for local markets was determined to keep in view the prices at which trade took place among buyers and sellers.
