Gold price in Pakistan falls despite rise in international rates
International gold price increases by $12 to settle at $1,972
Gold price in Pakistan declined by Rs2,400 per tola as the rupee made gains against the US dollar in the interbank market on Wednesday.
According to data issued by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) on Wednesday, the price of gold (24 carats) declined by Rs2,400 per tola and Rs2,058 per 10 grams to settle at Rs222,100 and Rs190,415, respectively.
Meanwhile, the price of the yellow metal increased by $12 to settle at $1,972 in the international market today.
The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation. People prefer to buy gold in such times as a safe investment and a hedge.
Data shared by the association showed the price of silver remained unchanged at Rs2,750 per tola and Rs2,357.68 per 10 grams, respectively.
Meanwhile, the local currency gained Rs1.48 or 0.52% against the US dollar in the interbank market today, according to the data shared by the State Bank of Pakistan (SBP).
The rupee closed at Rs287.04 against the dollar.
-
Japanese yen surges as traders brace for possible intervention -
Singapore seizes $42m mansion in Nvidia chip smuggling crackdown -
Alibaba agrees to $600m DOJ settlement over Illegal drug sales probe -
Shopify settles copyright lawsuit against rival Shopline -
Elon Musk rejects WSJ claims regarding SpaceX IPO -
Meta to launch Cloud business to monetize excess AI computing power -
Kroger to acquire Giant Eagle for $1.65 billion in market expansion push -
Nike quarterly earnings exceed forecasts even as China revenue falls
-
Binance faces £150 million lawsuit from UK investors over alleged mis-sold crypto products -
Why Ford turned back to humans after AI failed quality checks
-
Australian treasurer calls alleged access to Anthony Albanese’s bank data ‘incredibly concerning’
-
Nvidia partners with Firmus Technologies to power AI-infrastructure
