Islamabad: Gold prices in Pakistan witnessed a meagre rise on Saturday in holiday-thinned trading, as market participants awaited economic data for further direction. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold registered a slight increase of Rs200 per tola and Rs172 per 10 grams to settle at Rs177,500 and Rs152,178. A day earlier, gold recorded its first major drop of Rs3,350 per tola to Rs177,300 in Pakistan, breaking a 12-day-long streak of crazy gains almost every day. Cumulative, the price of precious commodity gained Rs4,800, or 2.77%, per tola during the week ended December 24. Pakistan has seen days recently when the bullion recorded a reduction in its price in international markets, but local pricing bodies kept ballooning the commodity price in the country amid high demand and low supply scenario for the metal. It should be noted that the APSGJA notifies the gold rates to the market every day after determining the price by keeping in view its rates in world markets, the rupee-dollar exchange rate, and demand and supply in domestic markets. Our Correspondent
Gold prices have been rising for the last many days and have cumulatively gained Rs16,300 or 10% per tola since December 1, raising concerns about whether the soaring price is sustainable or constitutes an unsustainable bubble.
