Connect with us

Hi, what are you looking for?

Online Business Success

Gold extends losses, prices drops by Rs100 per tola

397158 053334 updates


Gold bars. — Reuters/File
Gold bars. — Reuters/File
  • Gold rates in Pakistan record a decrease of Rs100 per tola.
  • Prices of gold in Pakistan are around Rs1,000 below cost.
  • Silver price remains stable at Rs1,450 per tola.

KARACHI: Gold edged lower on Friday as the rupee rebounded, with the yellow metal remaining under pressure from expectations that the global recovery phase will help stocks and currency stay firm.

The rates went down by Rs100 per tola to Rs124,200 and dropped by Rs86 per 10 grams to Rs106,481 compared to Thursday’s prices.

According to rates issued by All Sindh Sarafa Association, gold prices clocked in at Rs124,300 per tola and Rs106,567 per 10 grams on Thursday (February 3).

The association determines local prices based on rupee-dollar parity and international rates. According to the market practice, local prices of gold usually go down on the rupee’s appreciation against the US dollar and rising prices of commodities in the international market.

A firmer tone to economic data and strengthening currency would undermine support for gold, which has benefited in recent times from the plunge in local currency.

The international gold price rose by $8 per ounce to $1,811.

However, it is pertinent to mention that the gold rates in Pakistan are around Rs1,000 below cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,450 per tola and Rs1,243.14 per 10 gram today.

Advertisement. Scroll to continue reading.



Source link

Click to comment

Leave a Reply

Latest

California

Calm, the meditation and relaxation tech startup featuring a medley of celebrity voices, has laid off a fifth of its staff. The company is...

Washington

Placeholder while article actions load The de facto leader of Samsung received a presidential pardon on Friday, wiping clean the billionaire scion’s criminal record...

Georgia

COVINGTON, Ga. — One area team opened a new season with a win while the other began with a loss. Social Circle downed Newton...

Texas

The power of TikTok was on full display this week after a Houston woman went viral for rescuing a puppy discovered hidden in piles...

Online Business Success

A pump is seen at a gas station in Manhattan, New York City, US, on August 11, 2022. — Reuters Brent crude futures were...

Technology

Were you unable to attend Transform 2022? Check out all of the summit sessions in our on-demand library now! Watch here. Can AI-driven fitness...

Advertisement

You May Also Like

Uncategorized

Introductions get a lot of attention. I’ve explored the topic of how to write them even though as a reader, I always skip them....

Online Business Success

The internet is now our nervous system. We are constantly streaming and buying and watching and liking, our brains locked into the global information...

SEO Guide

There are all kinds of pictures of the world on the internet, but to find one of these specific pictures that you want to...

Online Business Success

You can think of link building in many ways. I like to call it tedious, painful, and a test of patience. It’s also necessary...

Advertisement