In KARACHI, the precious metal lost some of its lustre on Friday as it lost nearly half of the gains it had made the day before as the Pakistani rupee ended its 10-day losing streak.
The price of gold, which is regarded as a safe haven, fell by Rs 4, 200 per tola and Rs 3, 601 per 10 grammes to settle at a record high of Rs 158, 300 and Rs 135, 717 in the local market, according to data released by the All Sindh Saraf and Jewellers Association (ASSJA).
A day earlier, the price of gold increased dramatically by a whopping Rs10,500 per tola, reaching an all-time high of Rs162,500.
In the local bullion market, gold has increased by Rs12,000 per tola overall since the beginning of the week on Monday.
According to the international market prices, which have increased by $50 per ounce since Monday, and the weakening of the Pakistani rupee against the US dollar, gold prices are rising sharply in the local bullion market. Adnan Agar, Director of AA Commodities
The analyst added that there is “no hope of stability in local currency” until the country receives a loan tranche from the International Monetary Fund, and that the precious metal is expected to maintain an upward trend as international prices are once again eyeing the $1,800 mark (IMF).
However, the association claimed that even though the price of gold in Pakistan reached an all-time high, it was still below cost. When compared to Dubai, gold costs Rs6,500 less per tola.
The most recent cost for
Bullion prices rose $12 per ounce to settle at $1,762 on the international market, supported by a weaker dollar and bets that the Federal Reserve may slow the rate of rate increases as economic risks increase.
The cost of silver in the domestic market today remained constant at Rs1,630 for a tola and Rs1,397.46 for a gramme.
