Gold Rates down after hitting all-time high

  • Gold price settles at Rs163,300 per tola.
  • Cumulatively, the gold price surged by Rs3,750 per tola during the week.
  • Silver prices remain unchanged in the local market.

Gold price in Pakistan snapped its gaining streak on Saturday, following overseas leads, but buying retreated as traders hoped for greater falls to stock up for the upcoming wedding season.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed the price of gold declined by Rs200 per tola and Rs172 per 10 grammes to settle at Rs163,300 and Rs140,003.

The price of gold on the local market hit an all-time high of Rs163,500 per tola the day before. This was because the Pakistani rupee’s stability against the US dollar made investors look for a safe asset.

During the week that ended on December 3, 2022, the price of a tola of gold went up by Rs3,750, or 2.35 percent.
On the international market, the price of the yellow metal went down by only $1 per ounce, settling at $1,798. This was because strong US jobs data caused people to worry that the Federal Reserve might stick to its aggressive tightening of monetary policy.

Gold rates in Pakistan are around Rs2,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,780 per tola and Rs1,526.06 per 10 grammes.

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