Gold withdraws in accordance with international market

The per tola gold cost in Pakistan registered a decline of Rs200 per tola and Rs172 per 10 grams to settle at Rs113,300 per tola and Rs97,136 per 10 grams on Friday.

Bullion costs in the international market recorded a decrease of $19 per ounce to settle at $1,753 as gold costs were set for a third weekly loss. A rally in world stock markets revitalized as stresses over infection from cash-strapped China Evergrande blurred, scratching gold’s safe-haven appeal.

Prior, speaking to, AA Commodities Director Adnan Agar had said: “As the US dollar has started to gain momentum against the world currencies, gold prices have started declining.”

Revealing insight into the general gold market performance during the first eight months of the calendar year, the investigator had said that the safe-haven asset has lost its appeal, alluding to gold as “an old-investment tool”.

In the mean time, the demand for the safe-haven asset is getting pace in spite of an expansion in costs.

As indicated by local dealers, the demand for the yellow metal is somewhat improving as the holy month of Safar is coming to an end and the wedding season is drawing close.

It is relevant to specify that gold rates in Pakistan are still around Rs1,000 underneath cost contrasted with the gold rate in the Dubai market.

In the interim, silver costs in the domestic market stayed unchanged at Rs1,400 per tola and Rs1,200.21 per 10 grams.

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Planet Economic journalist was involved in the writing and production of this article.