Business Desk 
Jul 10, 2024
Gold price in Pakistan regained its shine on Wednesday as the per tola price increased after registering losses for two consecutive sessions
According to the data released by All Sindh Sarafa and Jewellers Association (ASSJA), the price of gold rose by Rs600 per tola and Rs514 per 10 grams to settle at Rs245,600 and Rs210,562.
It should be noted that during the month of Muharram — which marks the beginning of the new Islamic year — the demand for bullion decreases in the local market.
The association reported that the price of gold has been “under cost” by Rs2,500 per tola in Pakistan, as compared to prices in Dubai. This means that, at present, the Pakistani gold market is less expensive than the world market.
Silver prices in Pakistan remained unchanged at Rs2,900 per tola and Rs2,486.28 per 10 grams, respectively.
In the international market, gold prices eked out gains despite a stronger dollar and higher bond yields, as investors looked forward to the US June inflation data due later this week for more clarity on the US interest rate path.
Spot gold rose 0.2% to $2,363.64 per ounce as of 14:35pm ET (1835 GMT), after dropping more than 1% in the previous session. US gold futures settled about 0.2% higher to $2,367.90.
If markets are shown evidence of still-stubborn U.S. inflation, that may prompt the precious metal to unwind more of its recent gains, said Han Tan, chief market analyst at Exinity Group.
How is gold price determined in Pakistan?
Gold price in Pakistan is announced by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), which determines gold prices in Pakistan for local markets six days a week from Monday to Saturday.
Pakistan is a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the precious metal locally.
Accordingly, the gold rate in Pakistan is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets. The latest price for local markets was determined to keep in view the prices at which trade took place among buyers and sellers.
