Thursday Sep 02, 2021
KARACHI: Prices of gold remained unchanged for the third consecutive day in the domestic market, closing at Rs111,000 per tola and 95,165 per 10 grams.
Rates on Monday had gone up by Rs350 per tola and Rs300 per 10 grams over Saturday’s prices.
Gold has remained stable since, however, despite a continuous depreciation in the rupee against the US dollar during this time.
Earlier, the precious metal had surged against the drop in the rupee, as Pakistan largely meets local demand for gold through imports.
International gold prices have also remained stable in this period.
“Lack of purchasing power in Pakistan is the main reason behind stable prices of gold,” dealer Abdullah Abdul Razak Chand said while speaking to Geo.tv.
“The gold rates in Pakistan are around Rs5,000 under cost compared to the gold rate in the Dubai market,” he said.
The dealer regretted that there has not been much activity since bullion markets reopened after the lockdown.
Bullion rates are expected to fluctuate depending on US employment data.
Earlier, AA Gold Commodities Director Adnan Agar had told Geo.tv that gold prices are expected to stay volatile as monthly US employment data is scheduled to be announced on Friday, “which is one of the most important gold price determinants”.
Meanwhile, silver prices were also unchanged at Rs1,430 per tola and Rs1,226 per 10 gram on Thursday.