Wednesday Dec 01, 2021
KARACHI: The price of gold in Pakistan recorded an increase of Rs200 per tola on Wednesday contrary to a decline in the international market.
The yellow metal rose by Rs200 per tola and Rs178 per 10 grams to settle at Rs122,800 per tola and Rs105,281 per 10 grams, respectively.
A day earlier, the precious commodity closed at Rs122,600 per tola and Rs105,110 per 10 grams.
Cumulatively, the safe-haven asset gained Rs5,300 or 4.5% per tola during the month of November.
Meanwhile, in the international market, gold dropped by $8 per ounce to settle at $1,786 on Wednesday, as uncertainty about economic growth due to the Omicron variant of coronavirus dented its appeal.
Globally, gold fell to a one-month low on Tuesday after Federal Reserve Chair Jerome Powell said the Fed will discuss whether to end bond purchases earlier than previously anticipated in its December meeting and the word "transitory" is no longer the most accurate term to describe inflation.
It is pertinent to mention that gold rates in Pakistan are around Rs2,000 below cost compared to the gold rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,460 per tola and Rs1,251.71 per 10 grams.