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Gold price drops by Rs100 per tola despite depreciation in rupee

393168 051848 updates

Image showing stacks of gold bars — AFP/File
Image showing stacks of gold bars — AFP/File
  • Gold price drops by Rs100 per tola to reach Rs125,600.
  • Bullion rates in Pakistan are around Rs3,000 below cost.
  • Silver prices in the domestic market remain unchanged.

KARACHI: Gold price in Pakistan dropped by Rs100 per tola in Pakistan despite rupee depreciation — which dropped by 0.09% against the US dollar on Thursday.

According to All Sindh Saraf Jewellers Association (ASSJA), gold prices in the local bullion market dropped by Rs100 per tola to reach Rs125,600, while the price of 10 grams gold decreased by Rs85 to reach Rs107,682.

A day earlier, the precious commodity closed at Rs125,700 per tola and Rs107,767 per 10 grams.

However, it is pertinent to mention that the gold rates in Pakistan are around Rs3,000 below the 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 grams today.

Gold eases in global market as US yields edge higher

Gold prices edged lower on Thursday as benchmark 10-year Treasury yields recovered some losses, but the precious metal stayed close to last session’s one-week high as the dollar extended its slide.

Spot gold was 0.1% lower at $1,823.24 per ounce. US gold futures fell 0.3% to $1,822.20.

In the previous session, bullion rose to $1,827.92, its highest since January 5.

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“Gold’s performance is in a way slightly disappointing, bearing in mind the pretty seismic collapse in the US dollar…gold might have performed as one would expect it to, but hasn’t gotten to the big $1,835 per ounce figure, considering the inflation data,” said Ross Norman, an independent analyst.

— With additional input from Reuters

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