Falling gold price in Pakistan boosts seasonal demand

Falling gold price in Pakistan boosts seasonal demand

An employee arranges gold jewellery in the counter at a gold shop in Wuhan, Hubei province, in August 25, 2011. — REUTERS/File
An employee arranges gold jewellery in the counter at a gold shop in Wuhan, Hubei province, in August 25, 2011. — REUTERS/File

KARACHI: Gold prices were subdued on Saturday in Pakistan as a nominal decrease of Rs50 per tola and Rs43 per 10 grams was recorded with prices settling at Rs115,250 per tola and Rs98,808 per 10 grams.

Local dealers are, however, satisfied with the decline in gold prices as they believe that this will increase the seasonal demand for gold due to the wedding season.

A gold dealer said that now that the Rabi ul Awal moon is sighted people are rushing to purchase gold jewellery as the wedding season is just around the corner.

Meanwhile, gold pared gains in the international market after rising more than 1% on US jobs data miss, as investors came to terms with the possibility the US Federal Reserve could still have enough fodder to wean the economy off stimulus this year.

Spot gold was up 0.2% at $1,758.86 per ounce after hitting $1,781.20, its highest level since September 22.

US gold futures settled down 0.1% at $1,757.4.

US employers added just 194,000 jobs in September, well below expectations. But upward revisions to prior months’ data mean the economy has now made up for half of the jobs deficit it faced in December.

Earlier, speaking to Geo.tv, AA Commodities Director Adnan Agar had said: “Gold prices in Pakistan for the coming days will be determined next week as the local investors will react to the monthly US labour market data.”

The analyst said that monthly employment data of the US is one of the “most important gold price determinants”.

It is pertinent to mention that the gold rates in Pakistan are around Rs1,000 below cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,400 per tola and Rs1,200.27 per 10 grams today.

This content was originally published here.

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