Gold price rises Rs700 per tola

Gold rally slows in line with international market


KARACHI: In line with international markets, gold prices in Pakistan recovered their losses on Wednesday amid a rebound in the Pakistani rupee.

Prices of the precious commodity rose by Rs 100 and Rs 86 per 10 grams to close at Rs 126,900 and Rs 108,796 respectively.

However, gold traders said there was no demand in the local market due to lack of purchasing power.

In international markets, gold edged up $1 an ounce to close at $1,895 as risk assets rebounded, as gold investors awaited further developments in the Ukraine crisis and also braced for imminent policy tightening by major central banks.

“Gold has fallen below the psychologically important $1,900 level as sanctions on Russia have lived up to the market’s biggest concerns,” said Han Tan, chief market analyst at Exinity.

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