Gold rate in Pakistan today: Bullion price registers meagre gain

Gold price in Pakistan is gaining since last five days
An undated image of gold jewellery. — Reuters
An undated image of gold jewellery. — Reuters

Gold price in Pakistan registered meagre gain of Rs 150 per tola, extending gains for rhe fifth consecutive day.

According to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) rose by Rs 150 per tola and Rs 128 per 10 grams settling at Rs 214,450 and Rs 183,856, respectively.

Meanwhile, the price of the yellow metal remained unchanged at $2,042 per ounce in the international market today.

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.

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 price for local markets 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.

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

Data shared by the association showed the price of silver rose by Rs 20 per tola and Rs 17.15 at Rs 2,570 and Rs 2,203.36, respectively.

It also mentioned that the price of the bullion is made plus $20 premium in international gold rate.