KARACHI: Gold prices in the domestic market edged higher on Wednesday as a softer rupee lifted demand for the safe-haven metal.
Gold prices in Pakistan gained Rs250 per tola and Rs214 per 10 grams today to reach Rs113,250 and Rs97,094 amid rising prices in the international market.
The precious commodity had closed at Rs113,000 per tola and Rs96,880 per 10 grams on Tuesday.
With ease in COVID-related restrictions and wedding season drawing close, demand has improved in the local market.
The international gold price rose by $7 per ounce to $1,765 as investors braced for the outcome of a US Federal Reserve meeting and chief Jerome Powell’s remarks on reducing its massive support for America’s pandemic-hit economy.
The US Fed decision remains the focus and could determine gold’s fate in the near term locally and internationally, as an eventual interest rate hike would raise the opportunity cost of holding non-interest-bearing gold.
However, it is pertinent to mention that gold rates in Pakistan are still around Rs1,000 below cost compared to the gold rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,400 per tola and Rs1,200.21 per 10 grams.
Read more: Gold prices in Pakistan remain unchanged despite fall in international rates
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