Business Desk
Mar 15, 2024
Gold price in Pakistan remained flat on Friday as investors adopt wait-and-watch policy as no clear direction coupled with festive trend — as activity remains dull during the month of Ramadan — keeps market activity muted.
According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the per tola gold rate in Pakistan (24 carats) remained unchanged at Rs228,550; while the 10 grams gold price in Pakistan closed at Rs195,945.
Similarly, in the international market also, the gold eked out gains today and remained unchanged at $2,188 per ounce. However, it was set for its first weekly drop in four weeks, as surprisingly hot US inflation readings prompted traders to re-think on how swiftly and deeply the Federal Reserve could cut interest rates
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It should be noted that 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.
Data shared by the association showed the price of silver per tola remained unchanged at Rs2,600 and per 10 grams settled at Rs2,229.72.
It also mentioned that the price of the bullion is made plus a $20 premium in international gold rate.
