Gold price in Pakistan remained at the previous day’s level on Thursday; however, the price of the precious metal saw a rebound in the global market. Gold was sold at Rs 437,836 per tola in the local bullion market.
According to the All Pakistan Gems and Jewellers Association, there was no change in local rates. In contrast, the price of gold in the global market increased by more than one percent on Thursday to reach about $4,156 per ounce. According to Reuters, the depreciation of the US dollar and the decline in the yield of US Treasury bonds supported the price of gold.
Global investors are focused on US inflation and the upcoming policy of the Federal Reserve. Changes in expectations can affect gold demand and prices, as rising interest rates generally reduce the attractiveness of assets that do not generate regular returns.
Gold prices in Pakistan are influenced by global prices as well as the rupee-dollar exchange rate and the local forex market. Therefore, daily changes in global prices do not necessarily reflect on local prices at the same time or in the same proportion.
It is important for buyers to confirm daily prices in the current situation, especially when buying jewellery. In addition to the base price per tola, jewellery manufacturing costs and other vendor charges may also be included in the final price.
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