Gold prices on Tuesday regained ground, climbing above the key Rs205,000 level as the rupee closed flat against the US dollar in the interbank market amid lack of clarity on the economic front owing to the delay in the revival of the International Monetary Fund (IMF) programme. Data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) rose by Rs1,000 per tola and Rs857 per 10 grams to settle at Rs205,600 and Rs176,268. Gold price moves in line with the rupee-dollar parity as the country meets almost all its gold demand through imports, and traders follow its international price in setting rates in the country. Jewellers import the metal against the US dollar and UAE dirham before converting its price into rupees. The association also mentioned that the price of gold is Rs10,000 per tola “undercost” in Pakistan, as compared to the Dubai market, showing that the Pakistani gold market was currently cheaper than the global.
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