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- Price of gold (24 carats) settles at Rs226,800.
- Int’l price of yellow metal declines to $1,889 per ounce.
- Price of silver increases by Rs50 per tola.
KARACHI: Gold rates in Pakistan maintained its winning streak as the prices increased for the fifth consecutive session on Saturday despite a negative trend in the international market.
According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs1,500 per tola and Rs1,286 per 10 grams to settle at Rs226,800 and Rs194,444, respectively.
Meanwhile, the price of the yellow metal continued to fall and saw a decline of $5 to settle at $1,889 per ounce in the international market today.
Gold was little changed on Friday, but bullion was bound for its third straight weekly dip as recent sound US economic data raised bets for interest rates staying higher for longer.
“Gold’s got a problem where it’s competing with instruments that are yielding 4-5%”, such as bonds, while gold yields nothing in comparison, said Phillip Streible, chief market strategist at Blue Line Futures, in Chicago.
“It just does not seem like an ideal asset class in the current environment.”
“Gold may continue to struggle attracting demand from investors until something breaks, either through a credit event, a weaker dollar, or the belief the FOMC has switched its focus towards cutting rates,” said Saxo Bank’s head of commodity strategy Ole Hansen in a note.
In the last five sessions, the rates of the precious commodity gained Rs5,000 per tola in the local market.
Data shared by the association showed the price of silver increased by Rs50 and Rs42.86 to settle at Rs2,800 per tola and Rs2,400.54 per 10 grams, respectively.
— Additional input from Reuters.
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