Gold rate in Pakistan today

Gold prices in Pakistan slipped from a one-week high on Wednesday after losing nearly 1% on the rupee's recovery against the US dollar in the interbank market.

Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) plunged by Rs1,400 per tola and Rs1,200 per 10 grams to settle at Rs195,600 and Rs167,695, respectively.

Gold prices slipped over Rs1,000 weighed down by a jump in the rupee and hopes of revival of the International Monetary Fund (IMF) programme that could influence the economic scenario.

The bargain hunters took advantage of recent losses, but the precious metal's outlook was still clouded by prospects of further recovery of the rupee against the greenback as optimism regarding the revival of the IMF programme can boost the currency market's sentiment.

Cumulatively, the yellow metal gained Rs3,800 per tola during the last three sessions; however, the precious commodity snapped its winning streak today.

Meanwhile, silver prices in the domestic market remained unchanged at Rs2,150 per tola and Rs1,843.27 per 10 grams, respectively.

In the international market, gold price rose by $8 per ounce to settle at $1,840 as investors held off on big bets ahead of minutes from the US Federal Reserve’s latest policy meeting that could offer more cues on its rate-hike path.

Gold is highly sensitive to rising US interest rates, as these increase the opportunity cost of holding non-yielding bullion.

Gold may retest support of $1,830 per ounce, a break below which could open the way to $1,816, according to Reuters technical analyst Wang Tao.