Business Desk
Jun 20, 2024
A representational image of gold. — Vecteezy/file
In the first-ever active session after the completion of the festive season in the country, gold price in Pakistan underwent a standstill in its value on Thursday in line with stability in the international market.
According to the date released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) in Pakistan remained unchanged at Rs241,300 per tola and Rs206,876 per 10 grams.
Per tola gold price in Pakistan touched an all-time high of Rs252,200 per tola on Saturday (April 20, 2024).
The association also mentioned that the price of gold is Rs3000 per tola “undercost” in Pakistan, as compared to international market, showing that the Pakistani gold market was currently cheaper than the global.
Gold — which is considered a hedge against inflation — registered losses in the local market after a stronger-than-expected inflation data — which fell to its lowest level since May 2022 — softened expectations of a rate cut. Moreover, steady monetary policy sapped investors’ spirit.
Similarly, gold rates also remained motionless in the international market, and stood at $2,332. Bullion price in the international market touched a record high of $2,431.29 on April 12.
In the same manner as that of bullion, silver prices also remained unchanged in the domestic market at Rs2,750 per tola and Rs2,357.68 per10 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.
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.
