Gold remained under pressure and fell by Rs50 per tola at the end of this week, despite expectations that recovery phase will strengthen commodities, stocks and currencies.
It is important to know the gold association determines local prices based on rupee-dollar parity and international rates.
According to the 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.
The gold rates decreased by Rs50 per tola to Rs126,100 and dropped by Rs43 per 10 grams to Rs108,110 compared to Friday’s prices.
According to gold rates issued by All Sindh Sarafa Association, gold price was at Rs126,150 per tola and Rs108,153 per 10 grams on Friday.
During the week gold gained only Rs100 per tola.
However, silver prices in the domestic market remained unchanged at Rs1,470 per tola and Rs1,260.28 per 10 grams today.
