KARACHI: Gold once again shined in Pakistan with its price gaining nearly1% even as the rupee continued to depreciate against the US dollar in bothopen and interbank markets.

Data released by All Sindh Saraf Jewellers Association (ASSJA) showed thatgold prices in the local market declined by Rs1,200 per tola and Rs1,029per 10 grams to settle at Rs147,100 per tola and Rs126,115 per 10 grams.

It should be noted that Pakistan remains a small market for gold at theglobal level. The country meets the commodity’s demand through imports asit does not produce it locally.

Accordingly, the gold price for local markets is determined by consideringits prices in world markets, the rupee-dollar exchange rate, and demand andsupply in domestic markets.