Gold heads for narrow weekly gain as sturdy dollar boosts appeal

• Gold price settles at Rs156,200 per tola.
• Cumulatively, gold gained Rs3,200 per tola during the week.
• Silver prices in domestic market remain unchanged.

KARACHI: Gold prices rose on Saturday with its safe-haven allure getting a fillip following mounting inflation concerns, with the current rupee-dollar parity also seemingly attracting bids for bullion.

The precious metal gained Rs1,200 per tola and Rs1,028 per 10 grams to settle at Rs156,200 and Rs133,916 respectively, data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

Cumulatively, the precious commodity gained Rs3,200 per tola during the week ended September 17.

For several sessions, gold has been stuck in a range and is likely going to continue to be in that range in the near term. The market will only break out into a direction after it gets more economic data and sees stability in rupee-dollar parity.

In the international market, the price of yellow metal rose by $8 per ounce; however, it failed to cross the psychological barrier of $1,700. The price settled at $1,675.

Gold rates in Pakistan are around Rs1,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,570 per tola and Rs1,346.02 per 10 grams.