In Pakistan, Karachi serves as the primary centre for the gold market, and every city bases its gold pricing on Karachi Sarafa Bazar Association.
Despite the rupee loss against the US dollar, which lost Rs 6.01 during the week, the price of gold remained steady in Pakistan.
The All Sindh Sarafa Association’s rates for Friday show that gold prices remained unchanged at Rs147,100 per tola and Rs126,115 per 10 grams on Friday.
A day earlier, the price of gold rose by Rs. 1,200 per tola and Rs. 1,029 per 10 grams.
Based on worldwide rates and the rupee-dollar parity, the association establishes local prices. Market custom dictates that when the rupee appreciates against the US dollar and commodity prices rise on the global market, local gold prices often decline.
It should be noted that the gold price stands below cost and is cheaper by Rs7,000 per tola compared to Dubai.
In the international market, bullion prices rose by $19 per ounce to settle at $1745; however, investors await direction on interest rates from US Federal Reserve.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,540 per tola and Rs1,320.30 per 10 grams today.