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Monday October 02, 2023

Gold gains lustre after multi-session decline in Pakistan

Price of yellow metal drops in international market

By Business Desk
September 12, 2023
A trader displays gold bangles at a jeweller shop in this undated photo. — AFP
A trader displays gold bangles at a jeweller shop in this undated photo. — AFP

Gold prices broke a seven-session losing streak and the precious metal gained some value in Pakistan despite a decline in international prices.

The per tola price of 24 karat gold increased by Rs5,600 and was sold at Rs215,000 today compared to its sale at Rs209,400 on Monday — the first day of the ongoing week.

The price of 10 grammes of 24 karat gold also soared by Rs5,058 to Rs184,585 from Rs179,527 whereas the price of 10 grammes 22 karat gold went down to Rs168,967 from Rs165,544, according to the All Sindh Sarafa Jewellers Association.

Meanwhile, the price of per tola 24 karat silver increased by Rs50 to Rs2,550 whereas that of 10 grammes silver went up by Rs42.87 to Rs2,186.21.

However, the price of yellow metal dropped in the international market by $15 to $1911 from $1,926, the association reported.

Earlier today, the rupee currency extended the winning streak and traded under 300 against the greenback in the interbank.

As per the State Bank of Pakistan, the rupee closed at 299.89 against the dollar at the close of the day’s trading compared to Rs301.16 against the previous day’s closure. The rupee appreciated by 0.42% in the interbank market today.