Gold price rises by Rs250 in Pakistan
December 11, 2021
- Cumulatively, the safe-haven asset gains Rs1,050 per tola during the week ended December 11.
- Gold dealer says due to lack of purchasing power, there is no demand in the local market.
- In the international market, gold gains around $13 per ounce to settle at $1,784.
KARACHI: The price of gold in Pakistan recorded an increase of Rs250 per tola and Rs215 per 10 grams to settle at Rs124,450 per tola and Rs106,696 per 10 grams, respectively.
A day earlier, the precious commodity closed at Rs124,200 per tola and Rs106,567 per 10 grams.
Cumulatively, the safe-haven asset gained Rs1,050 or 0.85% per tola during the week ended December 11.
Earlier, speaking to Geo.tv, a gold dealer said that due to lack of purchasing power, there is no demand in the local market.
He said that the price of gold in the local market is currently being determined keeping in view the rupee-dollar parity.
The dealer predicted that if the US dollar keeps trading in the range of Rs175-177, the rate of gold will also stay within the range of Rs124,000-125,000 per tola; however if there is major fluctuation in the US currency on the higher side, then the bullion price will trade within a range of Rs127,000-128,000 per tola till the year-end.
In the international market, gold gained around $13 per ounce to settle at $1,784 despite record-breaking US consumer price data for November, which rose 0.8% last month broadly amid supply constraints, leading to the largest annual gain since June 1982, that could encourage the Federal Reserve to quickly wind down its bond purchases.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,460 per tola and Rs1,251.71 per 10 grams.
