In Pakistan, the price of gold goes up as the economy is uncertain.
Dealers said Saturday that the gold rate in Pakistan went up for the second day in a row. The safe-haven metal is back in the spotlight because the economy is still in bad shape.
All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) data showed that the price of gold (24 carats) went up by Rs400 per tola and Rs343 per 10 grammes to settle at Rs198,400 and Rs170,096, respectively.
As the Pakistani rupee trades between 269 and 275 to the dollar on the interbank market, the price of gold could go up a lot if the country imports all the gold it needs. The country is already having trouble with its balance of payments.
The APSGJA data also showed that the price of gold in India is Rs2,000 more than it is on the Dubai bullion market.
On the domestic market, the price of silver stayed the same at Rs2,160 per tola and Rs1,851 per 10 grammes.
On the worldwide market. Gold stayed at $1,865 as markets waited for US inflation data next week, which could change the Federal Reserve’s plans for monetary policy.
Bart Melek, head of commodity markets strategy at TD Securities, said, “We will need to see significant and sustained progress on inflation before monetary authorities will feel comfortable letting rates go down.”