Business desk
KARACHI: Gold prices edged higher on Wednesday helped by a slight pullback in the rupee which snapped its 13-day winning streak against the dollar today.
Some investors resorted to buying gold as they’re seeing that the rupee is slightly slowing down. However, the market is now in a wait-and-see mood before the clear direction of the rupee.
The price of yellow metal rose Rs1,450 per tola and Rs1,286 per 10 grams to settle at Rs146,300 and Rs125,429, data released by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.
Cumulatively, the precious commodity gained around Rs3,200 per tola in the previous two sessions.
Investors were concerned that the central bank might increase the rates keeping in view that the precious commodity is highly sensitive to rising interest rates, as these increase the opportunity cost of holding non-yielding bullion while boosting the currency, in which it is priced.
In the international market, the price of yellow metal remained unchanged at $1,668 as investors look to minutes from the US Federal Reserve’s September policy meeting and inflation data for clues on its rate hike path.
Gold rates in Pakistan are around Rs3,000 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,570 per tola and Rs1,346.02 per 10 grams.
