Gold price increases again as local demand remains low

Uptrend in commodity prices in global market, diverts attention to yellow metal

Gold prices on Monday recorded a gain of Rs600 per tola in the local market whereas the precious commodity has gained Rs9,800 in the past six sessions.

Similarly, prices in the local bullion market recorded an increase of Rs515 per 10 grams to settle at Rs127,800 per tola and Rs109,568 per 10 grams.

In the international market, the price of the yellow metal remained recorded an increase of $9 to settle at $1,802 per ounce.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,470 per tola and Rs1,260.28 per 10 grams as of Monday.

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It is pertinent to mention here that the increase in prices is negatively affecting the local demand as lack of purchasing power has disrupted the local demand for gold even as wedding season kicks off.

Market specialists have said that the uptrend in commodity prices — especially coal and oil — in the global market, has also diverted attention to gold.

 

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