Gold price rises in Pakistan by Rs400 to Rs114,500 per tola

• Bullion price settles at Rs114,500 per tola on Saturday.
• Gold dealer says that people looking for jewellery sets because of wedding season are waiting for a decline in gold prices.
• Gold rates in Pakistan are around Rs1,000 below cost compared to the gold rate in the Dubai market.

KARACHI: The price for one tola of gold increased by Rs400 to Rs114,500 per tola on Saturday in a single day session, from Rs114,100 per tola on Friday. On Thursday, it was Rs113,500.

Similarly, the 10-gram gold rate also increased by Rs343 to Rs98,165 from Rs97,822. The nominal increase of the international bullion rate to $1,761 from $1,754 per ounce on Friday was the main reason for a direct impact on the domestic gold price.

Wedding season has begun and it will further pick up pace after Safar.

Market dealers say that a decrease in price may provide some relief to on-spot buyers and also to those who had made advance bookings for jewellery sets.

Dealers are of the view that many people would therefore wait for a decline in gold prices.

Despite the seasonal demand, the price is still very high for those middle and lower-income people who find it difficult in meeting the demand for daily use items whose prices have also gone up substantially during the last few months.

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 Rs1,400 per tola and Rs1,200.27 per 10 grams on Saturday.