A representational image of gold jewellery. — Reuters/File

Gold gains its shine back, price rallies by Rs1,300 per tola in Pakistan

by Pakistan News
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A representational image of gold jewellery. — Reuters/File
  • Gold price settles at Rs145,700 per tola.
  • However, it lost Rs1,300 per tola during week ended Sept 3.
  • Silver prices in domestic market remain unchanged.

KARACHI: Gold prices gained for a third straight session on Saturday, regaining their lost ground during the week as inflation data in Pakistan pressured economic indicators and the rupee index.

Data released by All Sindh Sarafa Association showed that the gold price in Pakistan surged by Rs1,700 per tola and Rs1,457 per 10 grams to settle at Rs145,700 and 124,914.

The gold market lost its shine when the week commenced due to the strengthening rupee value; however, it glittered again in the last few days as the rupee rallied. However, the local currency resumed its downward slide, which lifted gold prices.

Cumulatively, the price of yellow metal soared by Rs6,700 per tola in the last three sessions (Thursday-Saturday). However, it lost Rs1,300 per tola during the week ended September 3.

Gold is considered a hedge against soaring inflation and uncertainties, but speculations of rising interest rates and the rupee’s appreciation dampen its appeal by increasing the opportunity cost of holding the non-interest-bearing asset.

In the international market, the price of yellow metal gained $8 per ounce to settle at $1,714 as the dollar retreated after US jobs data came mostly in line with expectations, but it was still bound for a third consecutive weekly fall pressured by an elevated interest rate environment.

It should be noted that the gold price stands below cost and is cheaper by Rs4,000 per tola compared to Dubai.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams today.

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