KARACHI: The gold rate remained steady in Pakistan despite stability in the worldwide market and the rupee strengthening against the US dollar.
On Saturday, gold prices were Rs130,750 per tola and Rs112,097 for ten kilos, according to the All Sindh Sarafa Association’s rates.
During the week ending March 12, the yellow metal earned Rs1,350 per tola on the local market.
The rupee-dollar parity and international rates are used by the association to establish local pricing. Local gold prices normally fall as the rupee appreciates against the US dollar and commodity prices rise in the international market, according to market practice.
A more hawkish tone in economic statistics and a stronger currency would erode demand for gold, which has gained recently from the depreciation of the local currency. When compared to the Dubai market, gold prices in Pakistan are roughly Rs6,000 lower.
Meanwhile, silver prices in the domestic market remained constant at Rs1,480 per tola and Rs1,268.86 per 10 grams today.