Lahore: The price of gold in the local market remained unchanged today, closing at Rs241,500 per tola and Rs207,047 per 10 grams. This stability follows a slight decline of Rs 200 per tola and Rs 172 per 10 grams recorded on Monday.
During the past week ending June 30, the cumulative increase in the price of gold amounted to Rs200 per tola in the local market, according to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). They reported that the current price of gold in Pakistan is approximately Rs 1,500 per tola cheaper than prices in Dubai, reflecting a cost advantage for buyers in the country.
International market trends
In contrast, the international price of gold experienced a slight decline due to a firm US dollar. Investors awaited comments from Federal Reserve Chair Jerome Powell and key job data, which would provide insights into the future interest rate outlook.As of 0710 GMT, spot gold slipped by 0.2% to $2,327.06 per ounce, while US gold futures held steady at $2,339.10.
Silver prices remain stable
Similarly, silver prices in Pakistan remained unchanged at Rs 2850 per tola and Rs 2,443.41 per 10 grams.Market Dynamics and Pricing
The pricing of gold in Pakistan is determined by the APSGJA, which sets rates based on global market trends, the exchange rate between the Pakistani rupee and US dollar, and domestic supply and demand dynamics. Gold is primarily imported to meet demand in Pakistan, as the country does not produce the precious metal locally.[embedpost slug="/gold-rate-in-uae-today-gold-rate-in-dubai-2-july-2024/"]
The association updates gold prices for local markets six days a week, from Monday to Saturday, aligning them with recent trade transactions between buyers and sellers.
