Gold price remains unchanged in Pakistan

• Gold price remains stable at Rs147,100 per tola.
• Association determines local prices based on rupee-dollar parity.
• Silver prices in the domestic market remain unchanged.

KARACHI: Gold price remained unchanged in Pakistan despite rupee depreciation against the US dollar — which lost Rs6.01 during the week.

According to rates issued by the All Sindh Sarafa Association, gold prices remained stable at Rs147,100 per tola and Rs126,115 per 10 grams on Friday

The precious metal gained Rs1,200 per tola and Rs1,029 per 10 grams a day earlier.

The association determines local prices based on rupee-dollar parity and international rates. According to market practice, local prices of gold usually go down on the rupee's appreciation against the US dollar and rising prices of commodities in the international market.

A firmer tone to economic data and strengthening currency would undermine support for gold, which has benefited in recent times from the plunge in local currency as it spiked to a new peak (Rs162,500 per tola) on July 28.

In the international market, the price of yellow metal plunged by $19 per ounce to settle at $1,745.

It should be noted that the gold price stands below cost and is cheaper by Rs7,000 per tola compared to Dubai.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,540 per tola and Rs1,320.30 per 10 grams today.