Wednesday Aug 10, 2022
KARACHI: Gold price in Pakistan recorded a decrease of Rs400 on Wednesday, as it opened today after a two-day break on account of Ashura.
Gold was down Rs400 at Rs143,100 per tola and decreased by Rs343 to Rs122,685 per 10 grams. The rates of gold were Rs143,500 per tola and Rs123,028 per 10 grams on Saturday.
Cumulatively, the precious commodity has lost around Rs16,100 during the period of August 1-6.
Shedding light on the demand in the domestic market, a gold dealer earlier told Geo.tv that despite a massive plunge of over Rs16,000, the demand in the local market remained dismal due to a lack of purchasing power.
A significant recovery of the Pakistani rupee against the US dollar dimmed the shine of the yellow metal.
Another gold dealer earlier said that Pakistan remains a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the commodity locally.
Accordingly, the gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.
The dealers had already anticipated the market to undergo a correction after the precious commodity scaled to new peaks. The gold hit an all-time high of Rs162,500 per tola on July 28.
It should be noted that the gold price is standing below cost. Gold is cheaper by Rs2,000 per tola compared to its price in Dubai.
The latest price for local markets was determined to keep in view the prices at which trades took place among buyers and sellers.
In the international market, bullion prices rose by $14 per ounce to settle at $1,791.
Meanwhile, silver prices in the domestic market decreased by Rs40 per tola and Rs32.28 per 10 grams to settle at Rs1,580 and Rs1,354.60 today.