Jul 02, 2024
The price of gold in the local market on Tuesday remained unchanged as the precious metal closed the day at Rs241,500 per tola and Rs207,047 per 10 grams.
The rates last recorded a decrease of Rs200 per tola and Rs172 per 10 grams on Monday.
Cumulatively, the yellow metal had gained Rs200 per tola in the local market during the week that ended on June 30.
The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price of gold has been “under cost” by Rs1,500 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.
In the international market, the price of gold slipped as the US dollar held firm, while investors awaited comments from Federal Reserve Chair Jerome Powell and key jobs data for further clues about the interest rate outlook.
Spot gold was down 0.2% at $2,327.06 per ounce, as of 0710 GMT. US gold futures steadied at $2,339.10.
Silver prices in Pakistan also remained unchanged at Rs2850 per tola and Rs2,443.41 per 10 grams.
Gold price in Pakistan is announced by the association, 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.
