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Gold loses shine in Pakistan as price drops by Rs600

Rates of bullion settle at Rs221,800 per tola and Rs190,158 per 10 grams

By Web Desk
August 12, 2023
An undated image of gold bars. — AFP/File
An undated image of gold bars. — AFP/File 

KARACHI: The prices of gold witnessed minute losses on Saturday as the rates fell by Rs600 per tola after the international rates of the bullion saw a decline. 

The price of gold (24 carats) lost Rs600 per tola and Rs514 per 10 grams to settle at Rs221,800 and Rs190,158, respectively. according to data issued by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). 

Meanwhile, the price of the yellow metal declined by $4 to settle at $1,914 per ounce in the international market today.

On Friday, the prices of the bullion were set to see a decline for the third consecutive week in line with the strong dollar and bond yields following the increase in the US producer prices in July. 

The dollar was set to witness its weekly gain for the fourth consecutive session as it gained 0.3% against other currencies. This led to an increase in gold prices for other currency holders. 

In the domestic market, the rate of the yellow metal has been volatile amid continued political and economic uncertainty, high inflation and in line with the developments of the international market. 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.