Business Desk 
Jul 12, 2024
Gold price in Pakistan maintained its gaining streak on Friday, following overseas leads, but buying retreated as traders hoped for greater falls usually witnessed in the month of Muharram.
According to the data released by All Sindh Sarafa and Jewellers Association (ASSJA), the price of gold increased by Rs2,200 per tola and Rs1,886 per 10 grams to settle at Rs249,000 and Rs213,477.
The association reported that the price of gold has been “under cost” by Rs2,800 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 at the US June inflation.
Spot gold rose $24 to $2,404 per ounce as of 14:35pm ET (1835 GMT).
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.
