Gold price increased by Rs. 700 per tola and Rs. 601 per gram, respectively, to settle at Rs. 148,400 and Rs. 127,230.
Gold continued to shine on Tuesday as it once more breached the psychological barrier of Rs148,000 per tola amid strong local demand.
The price of the precious metal increased by Rs. 700 per tola and Rs. 601 per 10 grams, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), to settle at Rs. 148,400 and Rs. 127,230, respectively.
During the previous two sessions, the price of the precious metal increased by Rs2,000 per tola.
The price of gold in local markets is set by taking into account its costs in international markets, the rupee-dollar exchange rate, and domestic market demand and supply.
The price of gold dropped $3 per ounce to $1,644 on the world market as the dollar recovered some ground, but bullion’s losses were limited by speculation that the US central bank may suspend its aggressive rate rise program.
The potential cost of storing bullion that doesn’t pay interest increases when interest rates rise, and gold is sensitive to these changes.
In Pakistan, the cost of the valuable good is about Rs 700 less than it would be in the Dubai market.
In the meantime, local silver prices were steady at Rs. 1,580 per tola and Rs. 1,354.60 for 10 grams.