KARACHI: The gold price in Pakistan gained Rs600 per tola and Rs515 per 10 grams on Thursday despite appreciation in the rupee value against the US dollar.
The bullion price settled at Rs126,350 per tola and Rs108,325 per 10 grams.
Pakistan meets almost all its gold demand through imports, and traders follow its international price in setting rates in the country. Jewellers import the metal against the US dollar and UAE dirham before converting its price into rupees.
Therefore, it is pertinent to mention that the gold rates in Pakistan are around Rs3,500 below the cost compared to the gold rate in the Dubai market.
The international gold price edged up by $30 per ounce to $1,886 after Russian news reports of mortar fire in eastern Ukraine boosted demand for the safe-haven metal and as less hawkish signals from US Federal Reserve's last meeting minutes underpinned bullion.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,460 per tola and Rs1,251.71 per 10 grams today
— With additional input from Reuters