Gold slides on rupee recovery; investors assess economic cues
- Gold price settles at Rs150,000 per tola.
- Cumulatively, it gained Rs4,500 per tola in October.
- Silver prices remain unchanged in local market.
KARACHI: Gold prices in Pakistan slipped on Monday as the rupee firmed while investors sought clarity on whether the political and economic uncertainty would take a breather or not.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold plunged by Rs1,800 per tola and Rs1,544 per 10 grams to settle at Rs150,000 and Rs128,600, respectively.
Cumulatively, the precious commodity has gained Rs4,500, or 3.09%, per tola during the month of October.
The gold market is likely to be in a wait-and-see mode until the much-needed economic clarity arises in the wake of ongoing political unrest, which will take an unexpectedly smaller or larger move to impact markets.
In the international market, the price of the yellow metal declined by $4 per ounce settling at $1,640 en route to their seventh straight monthly fall, weighed down by a stronger dollar and elevated US bond yields, while markets looked forward to this week’s Federal Reserve meeting for more clarity on its rate-hike path.
The precious commodity’s rates in Pakistan are around Rs1,500 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,580 per tola and Rs1,354.60 per 10 grams.