- Gold prices rose by Rs1,300 per tola and Rs1,115 per gram on Friday.
- Compared to the gold rate in Dubai, Pakistani gold prices are approximately Rs4,000 less.
- On Saturday, silver was unchanged at Rs1,430 per tola and Rs1,226 per 10 grams.
KARACHI: In accordance with the global bullion market, gold prices increased by Rs1,300 per tola on Saturday, closing at Rs112,300.
Pricing rose by Rs1,300 per tola and Rs1,115 per 10-gram from Thursday’s prices.
On Thursday, gold was R111,050 and Rs95,165 per tola (September 2).
Slower-than-expected US employment growth in August weakened the dollar, putting doubt on the Federal Reserve’s tapering timetable, supporting gold.
On Saturday, the price of gold rose $13 to $1,830.25.
Gold is one of the safest assets, therefore its price is rising rapidly as money flows in. As the dollar continues to decline, investors’ trust in the currency has dwindled, and many have turned to gold.
“Gold prices rose on the basis of poor US job statistics,” AA Commodities Director Adnan Agar told Geo.tv
The expert noted that gold prices rose sharply as the US currency lost momentum on the global market.
“Bullion prices should rise higher next week,” Agar said.
However, the gold prices in Pakistan are approximately Rs4,000 cheaper than the gold rates in Dubai.
On Saturday, silver prices were steady at Rs1,430 per tola and Rs1,226 per gramme.