Gold rates decrease by Rs2,600 per tola

Gold shines again, ends day at Rs126,350 per tola


Karachi: Gold prices in Pakistan rose by Rs 600 per tola and Rs 515 per 10 grams on Thursday despite the rupee’s appreciation against the dollar.

Gold bars are priced at Rs 126,350 per tola and Rs 108,325 per 10 grams.

Almost all of Pakistan’s gold demand is met by imports, and traders follow its international price when setting the country’s exchange rate. Jewelers import the metal against the U.S. dollar and Emirati dirham before converting its prices into rupees.

Therefore, it is worth mentioning that the price of gold in Pakistan is about Rs 3,500 below cost compared to the price of gold in the Dubai market.

International gold prices edged up $30 an ounce to $1,886, after news reports of mortar fire in eastern Ukraine boosted demand for the safe-haven metal and a weakening of hawkish signals in the minutes of the Fed’s last meeting supported gold .

Meanwhile, silver prices in the domestic market remained unchanged at Rs 1,460 per tola and Rs 1,251.71 per 10 grams today.

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