KARACHI, July 9(ABC): Gold price remains unchanged in Pakistan amid volatility in the international market and rupee appreciation against the US dollar.
According to rates issued by the All Sindh Sarafa Association, gold prices remained stable at Rs142,200 per tola and Rs121,914 per 10 grams on Saturday.
Cumulatively, the precious metal gained Rs500 per tola during the week ended July 9.
The association determines local prices based on rupee-dollar parity and international rates. According to market practice, local prices of gold usually go down on the rupee’s appreciation against the US dollar and rising prices of commodities in the international market.
A firmer tone to economic data and strengthening currency would undermine support for gold, which has benefited in recent times from the plunge in local currency.
In the international market, the price of yellow metal recorded a meagre gain of $1 per ounce to settle at $1,743.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 per tola and Rs1,303.15 per 10 grams today.