Saturday Dec 03 2022

Gold edges down after hitting all-time high

A representational image of gold bars. — Reuters/File
A representational image of gold bars. — Reuters/File

  • Gold price settles at Rs163,300 per tola.
  • Cumulatively, gold price surged by Rs3,750 per tola during the week.
  • Silver prices remain unchanged in local market.

Gold price in Pakistan snapped its gaining streak on Saturday, following overseas leads, but buying retreated as traders hoped for greater falls to stock up for the upcoming wedding season.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed the price of gold declined by Rs200 per tola and Rs172 per 10 grams to settle at Rs163,300 and Rs140,003.

A day earlier, the gold price touched an all-time high of Rs163,500 per tola in the local market as the stability of the Pakistan rupee against the US dollar shifted investors' focus towards a safe-haven asset.

Cumulatively, the price of gold surged by Rs3,750, or 2.35%, per tola during the week ended December 3, 2022.

In the international market, the price of the yellow metal registered a meagre decline of $1 per ounce settling at $1,798 after robust US jobs data fanned concerns that the Federal Reserve might stick with its aggressive monetary policy tightening.

Gold rates in Pakistan are around Rs2,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,780 per tola and Rs1,526.06 per 10 grams.