KARACHI: The price of gold in the local market on Monday remained unchanged. The precious metal closed the day at Rs124,200 per tola and Rs106,481 per 10 grams.
The rates last recorded a decrease of Rs100 per tola and Rs86 per 10 grams on Friday.
It is pertinent to mention here that market remained closed on Saturday (February 5) on account of Kashmir Solidarity Day.
Cumulatively, the yellow metal had lost Rs1,900 per tola in the local market during the week that ended on February 4.
The international gold price slightly rose by $2 per ounce to $1,813 as mounting inflationary pressures and concerns around Ukraine kept the precious metal in demand, while investors await more data this week to weigh how aggressively the US Federal Reserve will hike interest rates.
However, it is pertinent to mention that the gold rates in Pakistan are around Rs1,000 below cost compared to the gold rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,450 per tola and Rs1,243.14 per 10 gram today.