Gold price slides Rs1,000 per tola in Pakistan amid global downturn

KARACHI: Gold prices in Pakistan fell on Tuesday, tracking a decline in international markets. After remaining steady in the previous session, the local bullion market saw the price of gold per tola drop by Rs1,000, settling at Rs261,500.

The price for 10 grammes of gold also decreased, down by Rs857 to Rs224,194, according to figures from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

This decline follows Monday’s unchanged rate of Rs262,500 per tola. On the global front, gold prices also saw a dip on Tuesday, with the international rate falling by $5 to $2,498 per ounce, inclusive of a $20 premium, as reported by APGJSA.

Silver prices remained stable at Rs2,950 per tola. It’s worth noting that gold prices had reached an all-time high in August, peaking at Rs263,700 per tola, with the current price just Rs1,200 shy of that record.

In currency market, the Pakistani rupee (PKR) showed a slight improvement during intraday trading against the US dollar (USD) on Tuesday.

By 9:50 am, the rupee had gained four paisa, with the dollar being quoted at 278.60 PKR by foreign exchange dealers.

By 10:20 am, the rupee was hovering at 278.62, reflecting a marginal gain of Re0.02 against the dollar.

This follows a slight depreciation of the rupee on Monday, where it lost 10.52 paisa, or 0.04 per cent, closing the session at 278.64 PKR per dollar, down from the previous closing rate of 278.54 PKR.