The price of gold increased by over 4% despite the Pakistani rupee strengthening against the US dollar after declining over the previous five sessions.
According to data supplied by the All Sindh Sarafa Jewellers Association (ASSJA), the price of gold increased by Rs5,700 per tola and Rs4,887 per 10 kilos to settle at Rs139,900 and Rs119,942, respectively.
The price of the precious metal dropped by Rs9,300 per tola between August 10 and August 15.
Globally speaking, Pakistan has a modest market for gold. As it does not manufacture the commodity locally, it imports it to satisfy demand.
As a result, the price of gold in local markets is established by taking into account its costs in international markets, the rupee-dollar exchange rate, and domestic market demand and supply.
It should be mentioned that the price of gold is currently below its actual cost. The price of gold is Rs 4,000 per tola less than it is in Dubai.
Bullion prices on the global market barely increased by $2 per ounce to settle at $1,777 as investors kept an eye out for signals of more US Federal Reserve policy tightening.
In the meantime, today’s domestic market silver prices stayed constant at Rs1,540 per tola and Rs1,320.30 per 10 kilos.
