In the aftermath of the recent elections, the gold market in Pakistan has shown remarkable stability. On Friday, the cost of gold per tola remained steady, marking a continuation of its previous rate at Rs. 215,500.
The Karachi Sarafa Association released data indicating no change in the price of 24-carat gold, which stayed at Rs. 215,500. Similarly, the cost for 10 grams of gold also maintained its position at Rs. 184,756.
Internationally, the gold market echoed this trend of stability. Spot gold prices were observed to remain unchanged at $2,032.70 per ounce as per the latest update at 0755 GMT. Furthermore, the futures of US gold also saw no fluctuation, staying put at $2,048.40 per ounce.
It’s important to note that gold prices within Pakistan are significantly influenced by the international market rates and the prevailing exchange rate. Despite the anticipations of market volatility following the election results, the gold prices in Pakistan have remained unaffected. This is attributed to the steadiness observed in both the international gold prices and the exchange rate during this period.
The unchanged gold prices in Pakistan post-elections highlight a period of stability in the precious metals market. This constancy is a reflection of the broader international market trends and the exchange rate, which continue to play a pivotal role in determining the domestic prices of gold.