Gold rates in the local market remained stable at Rs. 110,400 per tola with low demand from the customers.
Gold rates in the local market saw an increase of Rs. 100/tola to Rs. 110,400/tola as compared with yesterday’s closing of Rs. 110,300 according to the data released by the All Sindh Saraf Jewellers Association on Thursday.
Due to revised working hours in the commercial capital and smart lockdown in different cities, the demand for the precious gold metal is gradually going down in the past few days, according to the local dealers.
The demand for gold improved in the past few weeks after the wedding season started with SOPs in different cities, on the other hand, investors of the precious metal sold off their holdings to make margins.
The demand for gold from investors remains low in Pakistan in line with the trend of the international market.
The gold price per 10 gram stood at 94,664 whereas it stood at above $1807 per ounce in the international market.
As the developed countries of the world went towards lockdown a few months back, investors made a huge investment in the yellow metal as the safe-haven which shot up the prices of gold in the international to above $2,000 per ounce.