KARACHI: As it reopened today after one two-day vacation for Ashura, the price of gold in Pakistan decreased by Rs400 on Wednesday.
At Rs143,100 per tola, gold was down Rs400, and at Rs122,685 for 10 kilos, it was down Rs343. On Saturday, gold was priced at Rs143,500 per tola and Rs123,028 per 10 kilos.
During the week of August 1–6, the pricey commodity lost money overall to the tune of almost Rs16,100.
The final price of gold is Rs143,100 per tola.
After a two-day break for Ashura, the bazaar reopened.
The local market’s silver prices decrease by Rs40 per tola.
A gold dealer previously that despite a significant drop of around Rs16,000, the demand inside the local market remained poor due to a lack of purchasing power. This shed new light on the demand in the domestic market.
The shine of the yellow gold was diminished by a considerable rebound of the Pakistani rupee in comparison to the US dollar.
Another gold dealer previously stated that Pakistan is still only a minor portion of the world gold market. Since it cannot produce the good local, it exports it to meet demand.
As a result, the price of gold in local markets is established by taking into account its costs in international markets, the rupee-dollar currency value, and domestic market demand and supply.