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- Global price declines by $4 per ounce.
- Gold rate reaches Rs221,800 per tola.
- Price of silver remains unchanged.
KARACHI: Gold rates in Pakistan edged lower on Saturday in line with the negative trend in the international market.
According to data issued by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) lost Rs600 per tola and Rs514 per 10 grams to settle at Rs221,800 and Rs190,158, respectively.
Meanwhile, the price of the yellow metal declined by $4 to settle at $1,914 per ounce in the international market today.
A day earlier, the bullion prices hovered near a one-month low and were heading for their third consecutive weekly dip, as the dollar and bond yields strengthened after data showed U.S. producer prices increased in July
“The producer price index came a bit hotter than expected, that pushed up Treasury bond yields and boosted the US dollar index a little bit. So that put a little bit of pressure on the gold market,” said Jim Wyckoff, senior market analyst at Kitco.
“We’re also seeing technical selling in both gold and silver because the charts have turned more near-term bearish in the past couple of weeks.”
The dollar gained 0.3% against its rivals and was on track for its fourth consecutive weekly gain, making gold more expensive for other currency holders. Benchmark 10-year yields also gained for the fourth straight week.
In the domestic market, the rate of the yellow metal has been volatile amid continued political and economic uncertainty, high inflation and in line with the developments of the international market. People prefer to buy gold in such times as a safe investment and a hedge.
Data shared by the association showed the price of silver remained unchanged at Rs2,750 per tola and Rs2,357.68 per 10 grams.
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