On Tuesday, the price of gold in the local market remained steady, closing at Rs241,500 per tola and Rs207,047 per 10 grams.
This stability follows a decrease of Rs 200 per tola and Rs 172 per 10 grams recorded on Monday. Over the week ending June 30, the yellow metal had gained Rs200 per tola cumulatively.
The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) reported that the price of gold in Pakistan is “under cost” by Rs 1,500 per tola compared to Dubai. This indicates that the Pakistani gold market is currently less expensive than the global market.
In the international market, the price of gold experienced a slight decline as the US dollar held firm. Investors are awaiting comments from Federal Reserve Chair Jerome Powell and key job data for further insights into the interest rate outlook.
As of 0710 GMT, spot gold was down 0.2% at $2,327.06 per ounce, while US gold futures steadied at $2,339.10.
Silver prices in Pakistan also remained unchanged, standing at Rs 2,850 per tola and Rs 2,443.41 per 10 grams.
The gold price in Pakistan is announced by the APSGJA, which sets prices for local markets six days a week, from Monday to Saturday.
Despite being a small gold market globally, Pakistan meets its demand through imports, as it does not produce the precious metal locally.
The local gold rate is influenced by international prices, the rupee-dollar exchange rate, and domestic demand and supply. The latest local market price is determined based on the prices at which trade took place among buyers and sellers.
[embedpost slug="/rs750-prize-bond-july-2024-check-draw-date-and-venue/"]
