Bullion prices partially recover

• Domestic gold prices settle at Rs112,300 per tola and Rs96,280 per 10-gram on Monday.
• The international gold price rose by $2 per ounce to $1,789.
• Silver prices remain stable at Rs1,430 per tola and Rs1,226 per 10 grams on Monday.

KARACHI: A meagre gain of two dollars per ounce to $1,789 further pushed up domestic per tola and 10-grams gold rate to Rs112,300 and Rs96,280, showing an increase of Rs150 and Rs130 compared to Saturday’s rate, All Sindh Saraf Jewellers Association (ASSJA) stated.

On Saturday, domestic gold prices settled at Rs112,150 per tola and Rs96,150 per 10 grams owing to a persistent declining trend in global rates.

The international gold price rose by $2 per ounce to $1,789 on Monday.

Earlier, speaking to Geo.tv, AA Commodities Director Adnan Agar had said that the safe-haven asset has lost its charm.

“Investors are now attracted towards bitcoin as it has more fluctuations, consequently the return is immediate and more as compared to gold, which is now considered as an old-investment tool,” Agar has mentioned.

The analyst had predicted the gold market to remain lacklustre for the next four months of the calendar year 2021.

It is pertinent to mention that the gold rates in Pakistan are around Rs3,000 below cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,430 per tola and Rs1,226 per 10 grams on Monday.