Gold barely moves as cagey investors track dollar
- Gold price settles at Rs156,000 per tola.
- Physical demand is high due to wedding season.
- Silver prices in domestic market remain unchanged.
KARACHI: Gold prices were listless on Monday as investors held to the sidelines as they kept a close watch on the rupee-dollar parity.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold edged upwards by Rs100 per tola and Rs84 per 10 grams to settle at Rs156,000 and Rs133,744, respectively.
However, despite gold trading in a tight range, physical demand for the precious metal is high amid the ongoing wedding season.
The precious commodity’s 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 Rs1,680 per tola and Rs1,440.32 per 10 grams.
In the international market, the price of the yellow metal declined by $14 per ounce settling at $1,757.
Gold fell 1% pressured by a firmer US dollar, after Federal Reserve Governor Christopher Waller warned markets that the central bank was not softening its fight against inflation.
Bullion had posted its best weekly gain since March 2020 last week on hopes of slower rate hikes after data showed price pressure cooling in the United States.
Gold’s current price looks dangerously high and it would only take a slight shift in sentiment for the price to come quickly crashing back to $1,700 an ounce.