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Thursday June 20, 2024

Gold continues its downward spiral in Pakistan

Price of yellow metal falls by $9 to settle at $1,931 per ounce in international market

By Web Desk
September 05, 2023
An undated file image of gold sets displayed at a jewellery store. — AFP/File
An undated file image of gold sets displayed at a jewellery store. — AFP/File

KARACHI: Domestic gold prices continued a downward streak for the second consecutive day on Tuesday as the local unit depreciated by 0.48% or Rs1.46 against the greenback in the interbank market.

According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the domestic price of the precious metal (24 karat) lost Rs6,300 per tola and Rs5,402 per 10 grammes to settle at Rs232,800 and Rs199588, respectively.

Meanwhile, the price of the yellow metal fell by $9 to settle at $1,931 per ounce in the international market today.

The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, and high inflation.

Data shared by the association showed the price of silver 24 karat dipped by Rs100 per tola and Rs85.74 per 10 grammes to settle at Rs2,800 and 2400.5, respectively.

It is pertinent to mention here that the local unit witnessed a devaluation of Rs1.46 against the greenback in the interbank trading and closed at Rs307.10 against the previous day’s closing of Rs305.64.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs320.8 and Rs324, respectively.

A day earlier, the per tola price of 24 karat gold decreased by Rs700 and was sold at Rs239,100. Similarly, the price of 10 grams of 24-karat gold also fell by Rs600 to Rs204,990, according to the All Sindh Sarafa Jewellers Association.