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Gold loses traction, price drops by Rs800 per tola

The price of gold in Pakistan receded on Friday as investors sought cover from political uncertainty, inflation, and its impact. The precious commodity fell by around Rs800 per tola and Rs686 per 10 grams to settle at Rs132,700 and Rs113,769, respectively. Meanwhile, the yellow metal stayed above the key $1,900-per-ounce level in the international market despite a decrease of $12. The price settled at $1,933. Traders and investors’ expectations of interest rate hike continue to move up, as the dollar is trading stronger, all potential strong challenges to gold at this point. However, gold is holding within the established range. Internationally, the market is worried that very strong expectations for rate hikes in the US may lead to a bigger than expected economic slowdown. Gold rates in Pakistan are around Rs5,000 below the cost compared to the rate in the Dubai market. Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 and Rs1,303.15 today.

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