Gold rate in Pakistan today: Bullion price closes week on a flat note

Cumulatively, gold price in Pakistan rose by Rs6,600 per tola during the outgoing week
An undated image of gold chains. — Pixabay
An undated image of gold chains. — Pixabay

Gold price in Pakistan remained unchanged on Saturday as most international markets remained closed for Good Friday/Easter holiday — which is one of the price determining factor.

All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) released the data which showed that the per tola gold rate in Pakistan (24 carats) remained flat at Rs234,800; while the 10 grams gold price in Pakistan remained unchanged at Rs201,303.

Cumulatively, gold price in Pakistan rose by Rs6,600 per tola during the outgoing week. In the international market, there was no precious metals report as most markets remained closed.

Meanwhile, data shared by the association also showed that the price of silver per tola and per 10 grams also remained unchanged at Rs2,580 and Rs2,211.93, respectively.

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.

Gold price in Pakistan has been volatile in Pakistan recently amid continued political and economic uncertainty and high inflation. People prefer to buy this precious commodity in such times as a safe investment and a hedge.

Local dealers believe that the return of inflationary days in Pakistan and worldwide has once again invited investors’ attention towards the yellow metal as safer commodities become attractive at such a time.

On the physical side, demand for gold in Pakistan recently picked up pace as some consumers bought into a retreat in domestic prices as the wedding season will kick off immediately after Ramadan.