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Gold glitters amid investor uncertainty, price rises by Rs750 per tola

408405 055738 updates


Gold bars. — Reuers/File
Gold bars. — Reuers/File
  • Gold price rises by Rs750 to settle at Rs131,200 per tola.
  • Yellow metal is gaining momentum due to political crisis and uncertainty.
  • Silver prices in the domestic market remain unchanged.

KARACHI: Investors are eyeing gold keenly as a weaker rupee and political uncertainties buoy interest in precious metals, however, the appetite of local consumers is being blunted.

The metal price was up by Rs750 at Rs131,200 per tola and increased by Rs643 to Rs112,483 per 10 grams.

The rates of gold were Rs130,450 per tola and Rs111,840 per 10 grams on Tuesday.

Gold is gaining momentum in the local market as it is considered a safe store of value during times of political crisis and uncertainty.

The gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in local markets.

In the international market, bullion prices rose by $27 per ounce to settle at $1,927 buoyed by a weaker dollar and a slight pullback in U.S. bond yields.

Gold rates in Pakistan are around Rs5,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,500 and Rs1,286 today.

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