Gold price remains unchanged in Pakistan amid instability in the international market and rupee appreciation against the US dollar.
According to rates issued by the All Sindh Sarafa Association, gold prices remained stable at Rs137,300 per tola and Rs117,713 per 10 grams on Wednesday.
Cumulatively, the precious metal has lost Rs6,000 per tola during the last four sessions (May 27-May31).
The association determines local prices based on rupee-dollar parity and international rates. According to the market practice, local prices of gold usually go down on the rupee's appreciation against the US dollar and rising prices of commodities in the international market.
A firmer tone to economic data and strengthening currency would undermine support for gold, which has benefited in recent times from the plunge in local currency as it spiked to a new peak (Rs143,600 per tola) on May 24.
In the international market, the price of yellow metal recorded a meagre decline of $18 per ounce to settle at $1,831.
Gold rates in Pakistan are around Rs1,000 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,570 and Rs1,346.02 today.
