Lahore: Gold prices on Tuesday rebounded and crossed the critical level of Rs205,000 as the rupee remained stable against the US dollar in the interbank market.
However, due to the delay in the revival of the International Monetary Fund (IMF) programme, there was uncertainty in the economic front.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold increased by Rs1,000 per tola and Rs857 per 10 grams, settling at Rs205,600 and Rs176,268, respectively. As Pakistan imports almost all of its gold, the price of gold moves in accordance with the rupee-dollar exchange rate. Therefore, traders track the international price of gold to determine its rate in the country.
To import gold, jewelers use US dollars and UAE dirhams, and then convert its price into rupees. The APSGJA stated that the price of gold is currently Rs10,000 per tola cheaper in Pakistan than in the Dubai market, indicating that the Pakistani gold market is presently less expensive than the global market.
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