Gold prices in Pakistan on Wednesday maintained overnight gains in line with the global market, but caution set in ahead of a Federal Reserve policy statement later tonight as investors looked for hints about a US rate hike.
The price of gold increased by Rs450 per tola and Rs386 per 10 kilos, respectively, according to data supplied by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). These prices eventually settled at Rs151,550 and Rs129,930.
Globally speaking, Pakistan has a modest market for gold. Since the precious metal is not produced locally, it imports the product to meet demand.In light of this, the price of gold in local markets is decided by considering its pricing in global markets, the rupee-dollar exchange rate,
