- International gold prices increased by Rs.
- Silver also declined by Rs 50 per tola.
- The rupee strengthened by Rs 5 against the dollar in the open market.
Karachi: Gold prices in Pakistan declined by over Rs 8,000 at the start of the week in line with the strengthening rupee against the dollar in the open market.
According to the data released by the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA), gold (24 carat) declined by Rs 8,800 per tola and Rs 7,544 per 10 grams to Rs 207,200 and Rs 177,641, respectively. respectively.
Meanwhile, the yellow metal traded higher by $9 to close at $1,912 an ounce in the international market today.
Gold rates have been volatile recently amid ongoing political and economic uncertainty and high inflation in Pakistan. People like to buy this precious item in such times as a safe investment and hedge.
Silver also fell by Rs 50 per tola and Rs 42.87 per 10 grams to Rs 2,500 and Rs 2143.34, respectively, data shared by the association showed.
Despite a rise in bullion prices internationally, the local market witnessed a fall as the local currency appreciated by Rs 5 against the greenback.
The rupee gained Rs 5 to close at Rs 285 in the open market after the government signed a staff-level agreement (SLA) with the International Monetary Fund (IMF) for a $3 billion financing facility.
Interbank rates were not available today due to bank holiday.