Gold price edges lower in line with global market

Image showing gold bangles. — Reuters/File
Image showing gold bangles. — Reuters/File
  • Gold price settled at Rs141,100 per tola.
  • Association determines local prices based on rupee-dollar parity.
  • Silver prices in domestic market remain unchanged.

KARACHI: The per tola gold price in Pakistan registered a decrease of Rs50 and Rs43 per 10 grams to settle at Rs141,100 and Rs120,970 on Friday.

The precious commodity closed at Rs141,150 per tola and Rs121,013 per 10 grams on Thursday.

All Sindh Sarafa Association determines local prices based on rupee-dollar parity and international rates. According to market practice, local prices of gold usually go down on the rupee’s appreciation against the US dollar and rising prices of commodities in the international market.

Political clarity brings bulls back to KSE-100, closes above 42,500

In the international market, the price of yellow metal recorded a decline of $9 per ounce to settle at $1,705 as investors await US inflation data for cues on the Federal Reserve’s policy tightening path.

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 Rs1,570 per tola and Rs1,346.02 per 10 grams today.

World News Pmixi

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