Business Desk 
Feb 23, 2024
Gold price in Pakistan snapped its seven-day winning streak following rupee appreciation against the US dollar in the local market.
The data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) plunged by Rs 1,200 per tola and Rs 1,029 per 10 grams to settle at Rs 214,100 and Rs 183,556, respectively.
Meanwhile, the price of the yellow metal shedded $11 per ounce settling at $2,040 in the international market today.
Cumulatively, gold price in Pakistan gained Rs 4,500 per tola in the last seven sessions — i.e. February 15 - 22.
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.
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.
On the physical side, demand for gold in Pakistan picked up pace this week as some consumers bought into a retreat in domestic prices as the wedding season will kick off immediately after Ramadan.
Data shared by the association showed the price of silver remained unchanged at Rs 2,570 per tola and Rs 2,203.36 per 10 grams, respectively.
It also mentioned that the price of the bullion is made plus $20 premium in international gold rate.
