Gold rate in Pakistan today
July 13, 2022
- Gold in Pakistan remains unchanged for second consecutive day.
- Price remains stable at Rs142,200 per tola.
- Silver prices in domestic market remain unchanged.
KARACHI: Gold prices in Pakistan remained steady on Wednesday, closing the day at Rs142,200 per tola.
According to rates issued by the All Sindh Sarafa Association, gold prices remained stable at Rs142,200 per tola and Rs121,914 per 10 grams today.
Cumulatively, the price of the yellow metal gained Rs500 per tola before the market closed for the Eid ul Adha holidays.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 per tola and Rs1,303.15 per 10 grams today.
International market
In the international market, the price of yellow metal recorded a decline of $13 per ounce to settle at $1,730 as investors await US inflation data for cues on the Federal Reserve’s policy tightening path.
“It’s a dollar store right now and rising interest rates. Those two macro factors are weighing on the price of gold,” said Fawad Razaqzada, market analyst at City Index.
“It looks like $1,700 is the next target ... If we get a strong CPI report today from the U.S., that could be the trigger to push gold down to that level.”
The US Labour Department’s June Consumer Price Index (CPI) is expected to have accelerated by 1.1% and 8.8% on a monthly and annual basis, respectively.
Higher-than-expected inflation could underpin market expectations for a 75-basis-point interest rate hike by the Fed later this month, as the central bank seeks to tame soaring inflation.
Although gold is seen as an inflation hedge, higher rates draw investors away from bullion, as they tend to lift bond yields and thus raise the opportunity cost of holding zero-yield gold.
