Gold price gains Rs700 per tola in Pakistan

• Gold price settles at Rs125,900 per tola in the domestic market.
• Dealers say despite wedding season, local demand is dismal.
• Silver prices in the domestic market remain unchanged.

KARACHI: Gold price continued its uptrend on Thursday after the precious commodity rose by Rs700 per tola and Rs601 per 10 grams in the domestic market.

The bullion price settled at Rs125,900 per tola and Rs107,939 per 10 grams today.

Speaking to Geo.tv, gold dealers lamented that despite the wedding season, the local demand for bullion is extremely dismal due to a “lack of purchasing power.”

One of the dealers mentioned that only slight demand can be seen in the market from investors who are keeping an eye on rupee-dollar parity.

In the international market, the gold prices rose by $20 per ounce to close at $1,837 as a retreat in US Treasury yields and the dollar sparked investor interest, with concerns surrounding inflation and geopolitics lending support.

It is pertinent to mention that the gold rates in Pakistan are around Rs1,500 below the cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,450 per tola and Rs1,243.14 per 10 grams today.