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Monday June 17, 2024

Gold continues downward journey in Pakistan for fifth straight day

The price of bullion rises by $2 to settle at $1,923 per ounce in the international market

By Web Desk
September 08, 2023
An updated image of gold jewellery displayed at a store. — AFP
An updated image of gold jewellery displayed at a store. — AFP

Prices of gold in the domestic market remained under pressure and continued their free fall for the fifth consecutive day on Friday.

According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of the yellow metal (24 karat) lost Rs4,000 per tola and Rs3,430 per 10 grammes to settle at Rs212,500 and Rs182,184, respectively.

Meanwhile, the price of bullion rose by $2 to settle at $1,923 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 remained firm at Rs2,650 par tola and Rs2,271.94 per 10 grammes in the local market.

Rupee continues to recover

Meanwhile, the local unit gained Rs2 against the US dollar in the interbank trading and closed at Rs 302.94 against the previous day’s closing of 304.94.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs302 and Rs305 respectively.

The price of the Euro decreased by Rs2.19 to close at Rs324.48 against the last day’s closing of Rs326.67, according to the State Bank of Pakistan (SBP).