Gold prices in Pakistan surge in line with global markets

• Gold rates were up by Rs800 per tola and Rs686 per 10 grams compared to Monday’s price.
• The price of gold in the local market is dependent on international prices.
• Gold rates in Pakistan are around Rs1,000 below cost compared to the gold rate in the Dubai market.

KARACHI: The price of gold resumed its uptrend in the domestic market and rose by Rs800 to close at Rs115,000 per tola on Tuesday in line with the surge in the international bullion market.

The rates went up by Rs800 per tola to Rs115,000 and surged by Rs686 per 10 grams to Rs98,594 compared to Monday’s prices.

Gold prices clocked in Rs114,200 per tola and Rs97,908 per 10 grams on Monday.

Speaking to Geo.tv, AA Commodities Director Adnan Agar said: “Gold rates are expected to maintain stability however, will be further determined later during the week.”

The analyst said that monthly employment data of the US is scheduled to be announced on Friday, “which is one of the most important gold price determinants”.

He clarified that if the unemployment data is encouraging it will dent sentiments of bullion investors, however, if the data is dismal it will lend support to the bullion market.

The price of gold in the local market is also dependent on international prices.

On Tuesday, the international gold price rose by $11 per ounce to $1,757.

It is pertinent to mention that the gold rates in Pakistan are around Rs1,000 below cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,400 per tola and Rs1,200.27 per 10 grams today.