Gold’s luster returns as Rupee suffers from uncertainty

• The price of gold in Pakistan rose by Rs500 per tola to reach Rs. 144,500 and Rs428 per gram for 10 grams on Thursday.
• Silver prices stayed the same at Rs. 1,580 per gram and Rs.1,354.60 per 10 grams.
• In Pakistan, gold is priced at about Rs. 2,500 less than in the Dubai market.

Amid investor anticipation for the European Central Bank’s policy announcement and the possibility of aggressive policy tightening by major central banks, gold prices rose on Thursday.

The All Sindh Sarafa Jewellers Association (ASSJA) reports that the price of gold increased by Rs500 per tola to reach Rs. 144,500 and by Rs428 to reach Rs. 123,885 for 10 grams of gold.

The price of the precious metal closed the previous day at Rs. 144,000 per tola and Rs. 123,457 for every 10 grams.

Since Pakistan continues to be a tiny worldwide market for gold, its price for local markets is established by taking into account its prices on international markets, the rupee-dollar exchange rate, as well as its demand and supply in local markets.

Due to worries about policy rates, bullion prices fell by $26 per ounce to settle at $1,682 on the global market.

In Pakistan, gold is priced at about Rs. 2,500 less than it would be in the Dubai market.

In the meantime, today’s domestic market silver prices stayed the same at Rs. 1,580 per tola and Rs. 1,354.60 per 10 grams.

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