- The final price of gold is Rs145,050 per tola.
- Precious metal prices are constrained to a narrow range.
- In the domestic market, the price of silver drops by Rs40 per tola.
KARACHI: Gold prices increased somewhat on Friday, but they are still close to the one-month low they reached in the previous session when the rupee recovered, causing bullion to experience its sharp one-day decline.
The gold price increased by Rs150 per tola and Rs129 per 10 kilos to close at Rs145,050 and Rs124,357, respectively, according to data supplied by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).
As investors prepared for the State Bank of Pakistan’s monetary policy decision, which could affect the market direction, gold prices remained in a narrow range.
Although gold is regarded as an inflation hedge, rising interest rates make the non-yielding bullion less desirable and strengthen the currency.
The price of yellow metal dropped by $3 on the world market, but it managed to hold steady above the important $1,700 per ounce mark. The final amount was $1,709.
In Pakistan, gold is priced about Rs3,000 less than it would be in the Dubai market.
In the meantime, domestic silver prices fell by Rs. 40 per tola and Rs. 34.28 per 10 grammes, respectively, to settle at Rs. 1,580 and Rs. 1,354.60 per 10 grammes.
