Gold price remains unchanged in Pakistan

KARACHI: Gold price remained unchanged in Pakistan despite the constant depreciation of the rupee against the US dollar.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold remained unchanged at Rs159,600 per tola and Rs136,831 per 10 grams, respectively.

Pakistan remains a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the commodity locally.

Accordingly, the gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.

In the international market, the price of the yellow metal declined by $3 per ounce settling at $1,753.

The precious commodity's rates in Pakistan are around Rs2,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,710 per tola and Rs1,466.04 per 10 grams.