Gold prices fall for the second consecutive day in Pakistan

A symbolic image of gold bars and coins.  Reuters/File
A symbolic image of gold bars and coins. Reuters/File
  • Internationally, gold prices rose by $17.
  • Silver prices remained unchanged in the local market.
  • Rupee strengthened by Rs 10.5 against dollar after IMF deal.

Karachi: Gold prices in Pakistan continued to decline for the second consecutive day after the rupee gained heavily against the dollar on Tuesday.

According to the data released by the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA), gold (24 carat) declined by Rs 2,200 per tola and Rs 1,887 per 10 grams to Rs 205,000 and Rs 175,754, respectively. respectively.

Meanwhile, the yellow metal traded higher by $17 to close at $1,929 an ounce in the international market for the second time today.

gold rate Pakistan has recently been volatile amid ongoing political and economic uncertainty and high inflation. People like to buy this precious item in such times as a safe investment and hedge.

Data shared by the association showed that silver prices managed to remain unchanged at Rs 2,500 per tola and Rs 2143.34 per 10 grams, respectively.

Despite a rise in bullion prices internationally, the local market turned subdued as the local currency appreciated by Rs 10.5 against the greenback.

The local currency gained Rs 10.5, or 3.83%, against the greenback at Rs 275.44 in the interbank market after the government signed a staff-level agreement (SLA) with the International Monetary Fund (IMF) for a $3 billion financing facility. But closed.

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