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Tuesday November 29, 2022

Gold edges down as investors keep an eye on political, economic developments

Price of gold declines by Rs400 per tola to settle at Rs158,000

November 18, 2022
An image of gold necklace showcased in a jewellery shop. — AFP/File
An image of gold necklace showcased in a jewellery shop. — AFP/File

KARACHI: Gold prices inched lower on Friday amid a lack of clear direction as investors continued to assess the developments on the economic and political front.

Analysts believe gold could remain volatile until there’s clear direction as the price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.

Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold declined by Rs400 per tola and Rs342 per 10 grams to settle at Rs158,000 and Rs135,460, respectively.

In the international market, the price of the yellow metal edged lower by $5 per ounce settling at $1,761.

The precious commodity's 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 Rs1,690 per tola and Rs1,448.90 per 10 grams.