Gold flat as investors seek rupee’s direction

A female customer tries on a gold necklace at a Senco Gold and Diamonds jewellery showroom in Mumbai on October 22, 2022. — AFP/File

KARACHI: Gold prices remained subdued on Monday as investors remained on the sidelines keeping a close watch on the rupee-dollar parity.

The price of gold edged upward by Rs100 per tola and Rs84 per 10 grams to settle at Rs156,000 and Rs133,744, respectively, Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

However, despite gold trading in a tight range, physical demand for the precious metal is high amid the ongoing wedding season.

The precious commodity’s rates in Pakistan are around Rs3,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,680 per tola and Rs1,440.32 per 10 grams.

In the international market, the price of the yellow metal declined by $14 per ounce settling at $1,757.

Gold fell 1% pressured by a firmer US dollar, after Federal Reserve Governor Christopher Waller warned markets that the central bank was not softening its fight against inflation.

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