Gold prices bucked the trend Friday as safe-haven investors rushed to cash in on the five-day correction as economic uncertainty continues with the government still struggling to strike a deal with the International Monetary Fund (IMF) for the revival of a stalled loan programme.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) increased by Rs3,300 per tola and Rs2,829 per 10 grams to settle at Rs198,000 and Rs169,753, respectively.
With the rupee trading around 269-275 against the dollar, the precious metal might get dearer as Pakistan meets its gold requirements through imports.
Gold in Pakistan, according to local bullion/jewellery sellers trade body, is “overcost” by Rs2,000 compared to the Dubai bullion market.
Meanwhile, silver prices in the domestic market gained Rs30 per tola and Rs25.72 per 10 grams to settle at Rs2,160 and Rs1,851, respectively.