Gold price rises to Rs128,800 per tola in Pakistan
Published March 02, 2022
- Gold price rises by Rs50 to settle at Rs128,800 per tola.
- In international market, yellow metal stays above $1,900-per ounce.
- Silver price in local market records an increase of Rs10 per tola.
KARACHI: In line with the trend in global markets, gold prices in Pakistan recorded meagre gains on Wednesday.
Gold was up by Rs50 at Rs128,800 per tola and increased by Rs43 to Rs110,425 per 10 grams.
The rates of gold were Rs128,750 per tola and Rs110,382 per 10 grams on Tuesday.
Commodity dealers believe that inflationary concerns could prove to be more stubborn; hence gold as an inflation hedge could remain relevant for longer.
In the international market, the yellow metal stayed above the key $1,900-per-ounce level with an increase of $6. The price settled at $1,928.
Analysts believe that while gold was being pressured by the dollar and yields, this was only a small correction and with the possibility of more Western involvement in the Ukraine crisis, there's "a lot of political dynamite which could be supportive for gold."
However, the gold rates in Pakistan are around Rs4,000 below the cost compared to the gold rate in the Dubai market.
Meanwhile, silver prices in the domestic market recorded an increase of Rs10 per tola and Rs8.58 per 10 grams to settle at Rs1,480 per tola and Rs1,268.86 per 10 grams.
