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Monday June 17, 2024

Gold continues downward journey for fourth straight day

Gold prices declined today after the rupee gained 2.03 against the US dollar in the interbank trading

By Web Desk
September 07, 2023
Gold bangles are displayed at a jewellery store in this undated file photo. — AFP
Gold bangles are displayed at a jewellery store in this undated file photo. — AFP

KARACHI: The domestic gold prices continued its losing streak for the fourth consecutive day on Thursday, in line with the international rates.

According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the domestic price of the yellow metal (24 karat) lost Rs5,800 per tola and Rs4,972 per 10 grammes to settle at Rs216,500and Rs185,614, respectively.

Meanwhile, the price of the yellow metal fell by 5$ to settle at $1,921 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 Rs50 per tola and Rs42.87 per 10 grammes to settle at Rs2,650 and 2271.94, respectively.

Rupee recovers

Corrective measures taken by the government have started yielding results as the rupee gained Rs2.03 against the US dollar in the interbank trading and closed at Rs304.94 against the previous day’s closing of 306.97.

The buying and selling rates of the dollar in the open market came down to Rs305 and Rs308 from Rs313 and Rs316 respectively, according to the Forex Association of Pakistan (FAP).