Business Desk 
Mar 25, 2024
Gold prices in Pakistan held steady on Monday, with market direction in terms of demand, rupee-dollar movement on investors' radar this week.
The data disclosed by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the per tola gold price in Pakistan remained unchanged at Rs222,800, whereas the price of per 10-gram held steady at Rs195,645.
It should be noted that the market reopened after two days as the gold market in Pakistan remained closed on Saturday (March 23) on account of Pakistan Day.
Meanwhile, the price of gold in the international market registered meagre gain of $2 per ounce to settle at $2,187 as renewed bets that the US Federal Reserve would begin cutting interest rates in June and a softer dollar lifted bullion's appeal
Data shared by the association also showed that the price of silver per tola and per 10 grams remained unchanged at Rs2,580 and Rs2,211.93, respectively.
Gold price in Pakistan is announced by the association, 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.
Gold price in Pakistan has been volatile in Pakistan recently amid continued political and economic uncertainty and high inflation. People prefer to buy this precious commodity in such times as a safe investment and a hedge.
Local dealers believe that the return of inflationary days in Pakistan and worldwide has once again invited investors’ attention towards the yellow metal as safer commodities become attractive at such a time.
On the physical side, demand for gold in Pakistan recently picked up pace as some consumers bought into a retreat in domestic prices as the wedding season will kick off immediately after Ramadan.
