Karachi: Gold prices climbed on back of sliding rupee, as markets remained focused on State Bank of Pakistan’s (SBP) interest rate strategy. According to data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), price of gold (24 carats) rose by Rs 700 per tola and Rs 601 per 10 grams to settle at Rs 208,700 per tola and Rs 178,927 per ten grams.

Precious commodity gained Rs 4,100 per tola during four sessions (Tuesday-Friday) while it gained Rs 14,300, or 7.35 percent, per tola cumulatively in March.

Investors’ attention shifted towards precious commodity economic tensions continue to rise amid International Monetary Fund (IMF) reviewing external financing commitments from friendly countries before it releases bailout funds. Delay in revival of programme is negatively impacting currency market which in turn is bolstering demand for gold.

Association also mentioned that price of gold is Rs 8,000 per tola “Undercost” in Pakistan, as compared to Dubai market, showing that Pakistani gold market was currently cheaper than global.

Published in The Daily National Courier, April, 01 2023

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