Gold registers minimal losses
Karachi: Amid continued fluctuation in international market, gold registered insignificant losses. Price of gold (24 carats) decreased by Rs 250 per tola and Rs 214 per 10 grams to reach Rs 235,750 per tola and Rs 202,118 per ten grams respectively, data shared by All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed. International rate declined by $ 9 to settle at $ 1,952 per ounce. Gold’s value has remained volatile in international market recently, with safe-haven bullion set for its third weekly loss. Investors are keeping an eye on negotiations between US Democrats and Republicans on federal debt ceiling, deadline for which is drawing closer.
If debt ceiling which is currently capped at $ 31.4 trillion is not raised, it would trigger first-ever US default.
Separately, domestic price of gold has remained volatile due to number of factors, including economic and political turmoil, high inflation and currency depreciation. People prefer to buy yellow metal in such times as safe investment and hedge.
Jewellers’ body said that local gold was “Overcost” by Rs 5,000 per tola in Pakistan compared to Dubai bullion market. This means that, at present, Pakistani gold market is more expensive than world market.
Published in The Daily National Courier, May, 27 2023