- Gold rates in Pakistan are around Rs2,000 below the cost compared to the Dubai market.
- Despite a massive plunge of Rs14,000 last week, the demand in the local market remained dismal due to a lack of purchasing power.
According to All Sindh Saraf Jewellers Association (ASSJA), gold recorded an increase of $8 per ounce to around $1,792 in the international market ahead of a key Federal Reserve meeting this week, where the focus is on the central bank’s plan for tapering its pandemic stimulus measures.
“We already are seeing the market's pricing in a rate hike around May or June next year, which is almost a year earlier than what the market was expecting a few months ago, and that has been the latest challenge for gold.”
It is pertinent to mention that gold rates in Pakistan are around Rs2,000 below the cost compared to the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,440 per tola and Rs1,234.56 per 10 grams on Tuesday.