KARACHI: Gold extended gains and surpassed the psychological threshold of Rs148,000 per tola after seasonal demand picked up pace amid the wedding season.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of the precious metal rose by Rs700 per tola and Rs601 per 10 grams to settle at Rs148,400 and Rs127,230, respectively.
Cumulatively, the precious commodity has gained Rs2,000 per tola during the last two sessions.
Gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.
The latest price for local markets was determined to keep in view the prices at which trade took place among buyers and sellers.
The precious commodity is likely to hold a relatively narrow range as the currency is also expected to stabilise as the next Federal Reserve meeting approaches.
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Contrary to the common phenomenon of gold being inversely proportional to the rupee movement, the yellow metal is on an uptrend for the last two days.
Gains in the currency make bullion unattractive for buyers.
In the international market, the price of the yellow metal declined by $3 per ounce settling at $1,644 as the dollar regained some ground, but bullion’s losses were capped by expectations that the US central bank may hit pause on its rapid rate hike trajectory.
