Despite the rupee’s recovery, gold prices in Pakistan have risen
Gold reclaims lost ground as bargain hunters return after prices fell the day before.
An undated photograph of a customer inspecting gold bangles in a store.
Gold prices rose on Thursday as bargain hunters returned after prices fell the day before in response to the Pakistani rupee’s continued recovery against the US dollar.
According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs500 per tola and Rs429 per 10 grammes, respectively, to settle at Rs196,100 and Rs168,124.
Gold is regarded as an inflation hedge, but it is highly sensitive to rising interest rates, which raises the opportunity cost of holding the non-yielding metal.
Gold reclaims lost ground as bargain hunters return after prices fell the day before.
Gold prices rose on Thursday as bargain hunters returned after prices fell the day before in response to the Pakistani rupee’s continued recovery against the US dollar.
The yellow metal gained Rs3,800 per tola over the last three sessions (Monday-Wednesday), but the precious metal lost its winning streak today.
Meanwhile, domestic silver prices fell by Rs30 per tola and Rs25.72 per 10 gramme to Rs2,120 per tola and Rs1,817.55 per 10 gramme, respectively.
Gold prices were little changed in the international market as traders awaited US growth data for more clues on the pace of Federal Reserve rate hikes and stronger dollar-capped advances. After a $14 drop, the price settled at $1,826 per ounce.
