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Gold shines amid rupee depreciation

394169 060429 updates

— Reuters/File
— Reuters/File
  • Gold price settles at Rs125,200 per tola.
  • Bullion price in local market closes at Rs107,338 per 10 grams.
  • Silver prices in the domestic market remain unchanged.

KARACHI: The gold price in Pakistan gained Rs200 per tola and Rs171 per 10 grams on Wednesday amid slight depreciation of the rupee against the US dollar.

The bullion price settled at Rs125,200 per tola and Rs107,338 per 10 grams.

Pakistan meets almost all its gold demand through imports, and traders follow its international price in setting rates in the country. Jewellers import the metal against the US dollar and UAE dirham before converting its price into rupees.

The international gold price edged up by $6 per ounce to $1,817 today but moves were fairly contained as the market looked to US Federal Reserve’s next policy meeting where it is widely expected to raise rates in an attempt to quell surging inflation.

“The gold market is moving on Fed rate expectations,” IG Markets analyst Kyle Rodda said.

It is pertinent to mention that the gold rates in Pakistan are around Rs2,000 below the cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,450 per tola and Rs1,243.14 per 10 grams today.

— With additional input from Reuters

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