Gold price declines per tola by Rs1,000 in Pakistan

Karachi: The Gold prices  on Friday went down in the local market amid expectations for rising interest rate in the country.

The Data shared by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) indicated that the price of gold (24 carats) went down by Rs1,000 per tola and Rs857 per 10 grams to settle at Rs195,100 and Rs167,267, respectively.

The latest reports suggested that the price of the yellow metal went down because mostly the traders expected that the police rate could further go up.

Gold is always considered an inflation hedge but it is highly sensitive to rising interest rates which increase the opportunity cost of holding the non-yielding bullion.

The gold prices in the global markets witnessed fall for another week on Friday. The reports emerged that the price of gold registered a meagre decline of $8per ounce to settle at $1,818.

Besides it, the local rupee, according to the SBP, gained 0.36% against the US dollar after a hiatus of 20 days in the interbank market.