Connect with us

Hi, what are you looking for?

Online Business Success

Gold loses shine, price plunges by Rs7,800 in Pakistan


— Reuters/File
— Reuters/File
  • Bullion price in local market settles at Rs124,200 per tola and Rs106,481 per 10 grams.
  • It receded $15 per ounce to around $1,789 in the international market.
  • “Locally, the price of the yellow metal is expected to flow with the value of the currency,” Adnan Agar says.

KARACHI: Gold lost its shine, as it declined almost by Rs7,800 per tola to Rs124,200 in Pakistan on Wednesday in line with global markets.

Bullion prices in the local market recorded a decrease of Rs7,800 per tola and Rs6,687 per 10 grams to settle at Rs124,200 per tola and Rs106,481 per 10 grams.

It receded $15 per ounce to around $1,789 in the international market, according to All Sindh Saraf Jewellers Association (ASSJA).

Speaking to Geo.tv, AA Commodities Director Adnan Agar said the precious commodity was under double pressure today because of massive appreciation in the local currency and uncertainty in global markets.

“Locally, the price of the yellow metal is expected to flow with the value of the currency,” he said.

The Pakistani rupee rebounded on Wednesday, sharply recovering to Rs172.78 against the US dollar in the inter-bank market after Saudi Arabia announced that it was depositing $3 billion in the State Bank of Pakistan (SBP) to help support its foreign reserves.

Gold hit an all-time high of Rs132,000 per tola in Pakistan on Tuesday because of a significant depreciation of the rupee against the US dollar.

Gold was attracting safe-haven investment since last week because investors, who used to pour money into foreign currencies, particularly in the US dollar to avoid the impact of inflation, were buying gold because the government and the central bank have tightened regulations about the purchase of foreign currencies in the open market.

Advertisement. Scroll to continue reading.

During the period from October 18-26, the price of gold surged Rs14,000.

It is pertinent to mention that gold rates in Pakistan are around Rs2,000 below cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market recorded a decrease of Rs40 per tola and Rs34.29 per 10 grams to settle at Rs1,480 per tola and Rs1,268.86 per 10 grams today.



Source link

Click to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisement

Latest

Technology

The existence of Signaling System 7 (SS7) mobile telephony protocol vulnerabilities is something security researchers warned about in 2016, and it only took a...

Top Stories

Bitcoin (BTC) investors who bought at 2017 all-time highs and above have still not sold, data suggests. According to the HODL Waves metric, coins...

Loan And Finance

A Raleigh, NC man has been arrested and charged over allegations that he manipulated an image of a McDonald’s burger to look like there...

Top Stories

According to a report from CNBC TV18 India, the nation’s government plans to reclassify cryptocurrency exchanges as e-commerce platforms, which will reduce the Goods...

Online Business Success

International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S. Photo: file “The reforms in personal income tax are among...

Social Media

The pandemic has changed retail, likely forever, with consumers now more accustomed to online discovery and buying options, which has opened many people’s eyes...

Top Stories

Miami is quickly becoming the crypto capital of the United States. In August of this year, the Magic City was the first state in...

Technology

Source: Jon Prosser x RendersByIan We’re already getting into what kind of Wi-Fi technology the iPhone 14 and Apple’s rumored mixed-reality headset will feature....

Advertisement

You May Also Like

Blogging

In this post, I will discuss the top ten profitable blogging niches ideas for Adsense approval and high traffic. whether you use Blogger or...

SEO Guide

How to index website on Google? Do you want to drive more organic traffic to your new website? I am sure your answer is...

SEO Guide

Want to rank in Google image search? Images that you use as a featured images when writing a post actually appear on Google Images...

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...

Advertisement