- Gold price in Pakistan settles at Rs221,500 per tola.
- Price of silver remains unchanged in local market.
- Yellow metal falls by $4 in the international market.
KARACHI: Gold rates in Pakistan made minor gains on Friday despite international prices witnessing a decline.
According to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) appreciated by Rs1,300 per tola and Rs1,115 per 10 grams to settle at Rs221,500 and Rs188,786, respectively.
Meanwhile, the price of the yellow metal fell by $4 to settle at $1,932 per ounce in the international market today.
Gold was on track for its biggest weekly decline in six as data projecting continued strength in the US labour market firmed bets for US interest rates remaining elevated and boosted Treasury yields and the dollar.
“The market is slowly accepting the fact that maybe rates will stay higher for longer,” reflected in Treasury yields rising this week with a downward impact on gold, said Harshal Barot, a senior consultant at Metals Focus.
“The dollar has strengthened even after the US rating downgrade, so that is one potential supporting factor that hasn’t played out.”
Gold prices have declined more than 1.4% so far this week, having slipped to July 11 lows on Thursday as 10-year US Treasury yields climbed to their highest since November after strong US jobs data.
Rising yields dampen the appeal of non-interest-bearing gold.
Meanwhile, the gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation. People prefer to buy gold in such times as a safe investment and a hedge.
Data shared by the association showed the price of silver prices remained unchanged to settle at Rs2,750 per tola and Rs2,357.68 per 10 grams, respectively.
