Connect with us

Hi, what are you looking for?

Online Business Success

Gold price drops by Rs50 per tola despite depreciation in rupee

399178 060752 updates


— Reuters/File
— Reuters/File
  • Gold price drops by Rs50 per tola to reach Rs125,400.
  • Bullion rates in Pakistan are around Rs500 below cost.
  • Silver prices in the domestic market remain unchanged.

KARACHI: Gold price in Pakistan dropped by Rs50 per tola in Pakistan despite rupee depreciation — which dropped by 0.43% against the US dollar on Monday.

According to All Sindh Saraf Jewellers Association (ASSJA), gold prices in the local bullion market dropped by Rs50 per tola to reach Rs125,400, while the price of 10 grams gold decreased by Rs42 to reach Rs108,368.

A day earlier, the precious commodity closed at Rs126,450 per tola and Rs108,410 per 10 grams.

However, it is pertinent to mention that the gold rates in Pakistan are around Rs500 below the cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,460 per tola and Rs1,251.71 per 10 grams today.

Gold eases from 3-month highs in international market

Gold prices fell on Monday as the US dollar advanced, with worries around the Russia-Ukraine crisis limiting losses of the safe-haven metal and keeping palladium traders on tenterhooks.

Spot gold fell 0.3% to $1,855.40 per ounce. On Friday, prices jumped the most since mid-October and hit their highest level since November 19. US gold futures rose 0.8% to $1,857.40.

“Gold had a classic safe-haven jump on Friday…(but) the problem with safe-haven spikes is that they never really last for that long,” said Saxo Bank analyst Ole Hansen.

Advertisement. Scroll to continue reading.

“At this point, gold is taking a breather waiting for further news on the geopolitical front.”

Russia might create a surprise pretext for an attack on Ukraine, the United States said on Sunday. However, Moscow denies any such plans and has accused the West of “hysteria”, even as it has more than 100,000 troops massed near Ukraine. 

“We also believe that any further escalation of the situation will deter the Fed from raising interest rates by 50 basis points in March, as this could spark excessive turmoil on the financial markets,” Commerzbank said in a note.


— With additional input from Reuters



Source link

Click to comment

Leave a Reply

Latest

Top Stories

Crypto prices have been exploring new lows for weeks and currently it’s unclear what it will take to reverse the trend. Despite the downtrend,...

Technology

Something to look forward to: The first game to support AMD’s new FSR 2.0 upscaler was Deathloop, which compares favorably to Nvidia’s DLSS. Recently,...

Social Media

LinkedIn is currently seeing ‘record levels’ or user engagement, but much of that is seemingly dominated by re-posts from other platforms, spam, vaguely topical...

Top Stories

Brazil’s Federal Reserve (RFB) has declared that Brazilian investors in the crypto-asset market must pay income tax on transactions that involve the like-kind exchange...

Technology

WordPress is web software you can use to create a beautiful website or blog. We like to say that WordPress is both free and...

Social Media

Digital content managers and webmasters, best to keep an eye on your Google rankings over the next few weeks. Today, Google has confirmed that...

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....

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

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

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