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Gold rally slows in line with international market

401044 053834 updates

Goldsmiths arrange products in a gold and jewellery store in Istanbul, Turkey, June 14, 2018. — Reuters/File
Goldsmiths arrange products in a gold and jewellery store in Istanbul, Turkey, June 14, 2018. — Reuters/File
  • Gold price rises by Rs100 per tola to settle at Rs126,900.
  • Bullion price gains Rs86 per 10 grams to settle Rs108,796.
  • Silver prices in the domestic market remain unchanged.

KARACHI: In line with the international market, the gold price in Pakistan recouped losses on Wednesday amid a recovery in the Pakistani rupee.

The price of the precious commodity rose by Rs100 per tola and Rs86 per 10 grams to settle at Rs126,900 and Rs108,796, respectively.

However, gold dealers said that due to a lack of purchasing power, there is no demand in the local market.

In the international market, gold recorded a slight increase of $1 per ounce to settle at $1,895 as riskier assets bounced back, with bullion investors awaiting further developments on the Ukraine crisis, while also preparing for impending policy tightening by major central banks.

“Gold has moderated below the psychologically-important $1,900 level as sanctions imposed on Russia didn’t live up to the market’s worst fears,” Han Tan, chief market analyst at Exinity said.

“Should fears over geopolitical tensions subside, that would leave the US Fed’s policy tightening path as bullion’s primary driver, with further climbs in real Treasury yields likely to unwind the geopolitical risk premiums currently baked into gold prices,” Tan said.

It is pertinent to mention that the gold rates in Pakistan are around Rs4,000 below the cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,460 per tola and Rs1,251.71 per 10 grams.

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 — With additional input from Reuters

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