Karachi: Consistent with the international market, the price of gold in Pakistan rose by 400 rupees per Torah on Thursday to close at 125,700 rupees.
The price of the precious commodity rose by Rs343 per 10 grams to settle at Rs107,767 per 10 grams, respectively.
The international gold price edged higher by $16 to close at $1,805 in thin, yet supportive, year-end trading en route to a weekly gain, although an improved risk appetite capped bullion’s rise.
Thin trading and Christmas buying are keeping gold above the $1,800 level, said Michael Langford, director at corporate advisory AirGuide. He added that the rise of risk-on investments ahead of Christmas, called a “Santa Claus rally”, was creating a bit of a short-term positive for the metal.
“Globally, the main driver for gold moving again above the $1,800/ounce mark are rising US inflation expectations as gauged by the breakeven,” said UBS analyst Giovanni Staunovo.
At the same time, the price of silver in the domestic market remained unchanged at 1,460 rupees per torah and 1,251.71 rupees per 10 grams.