Islamabad: The price of gold, after registering meagre drops of Rs 150 and Rs 100 per tola in the last two sessions, went up again by Rs1200 in Pakistan on Thursday.
According to the All Sindh Saraf Jewellers Association (ASSJA), the gold prices in the local market increased by Rs1,200 per tola and Rs1,029 per 10 grams to settle at Rs147,100 per tola and Rs126,115 per 10 grams.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,540 per tola and Rs1,320.30 per 10 grams today.
In the international market, bullion prices rose by $18 per ounce to settle at $1,764; however, investors await direction on interest rates from US Federal Reserve.
It should be noted that Pakistan remains a small market for gold at the global level. The country meets the commodity’s demand through imports as it does not produce it locally.
Accordingly, the gold price for local markets is determined by considering its prices in world markets, the rupee-dollar exchange rate, and demand and supply in domestic markets.
