Saturday Jan 15, 2022
KARACHI: Contrary to the international market, the price of gold in Pakistan recorded a gain of Rs400 per tola on Saturday to settle at Rs125,150 per tola.
The price of the precious commodity rose by Rs343 per 10 grams to settle at Rs107,296 per 10 grams.
A day earlier, the precious commodity closed at Rs124,750 per tola and Rs106,953 per 10 grams.
Cumulatively, the precious metal lost Rs1,050 per tola during the week ended January 15.
However, it is pertinent to mention that the gold rates in Pakistan are around Rs3,000 below the cost compared to the gold rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,450 per tola and Rs1,243.14 per 10 grams today.
The international gold price edged lower by $2 per ounce to close at $1,819, weighed down by an uptick in Treasury yields on prospects of US interest rate hikes and a stronger dollar.
Gold is considered a hedge against surging inflation, but interest rate hikes translate into a higher opportunity cost of holding non-yielding bullion.