Gold price falls in Pakistan but retain weekly gains

KARACHI: Gold prices in Pakistan slipped on Saturday, reflecting a downturn in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold in the local market fell by Rs300 to settle at Rs362,400 per tola.

The rate for 10 grammes declined by Rs257, bringing it to Rs310,699.

Gold ends week Rs2,900 per tola higher despite Saturday dip

The movement capped a volatile week for the precious metal. Monday began with gold inching up to Rs359,500 per tola, only for prices to drop to Rs358,000 on Tuesday. By Wednesday, the market saw a rebound to Rs359,300, followed by a sharp surge of Rs2,900 on Thursday to Rs362,200.

Friday added another Rs500 to reach Rs362,700 before today’s slight pullback. Despite the dip, gold closed the week Rs2,900 higher compared to the previous Saturday’s rate, continuing its upward trend from early August when it was priced at Rs359,000 per tola.

On the global front, gold slipped by $3 to trade at $3,397 per ounce, including a $20 premium. Silver also edged lower in the local market, shedding Rs9 to reach Rs4,064 per tola.

PSX ends lower amid volatile trading

In other market developments, the Pakistan Stock Exchange ended the week in the red, with the benchmark KSE-100 Index closing at 145,382.79 points, down 264.34 points or 0.18 percent.

The session saw a wide swing of nearly 1,900 points, touching an intraday high of 146,813.43 and a low of 144,917.18, with overall volumes at 276.74 million shares.

PKR inches up against USD

Meanwhile, the Pakistani rupee posted modest gains against the US dollar in Friday’s interbank session. The currency strengthened by 8.90 paisa to close at Rs282.47 per dollar, compared to the previous day’s Rs282.56. The rupee traded between an intraday high of Rs283.85 and low of Rs284.9, marking a small but positive shift in the currency market.

Read next: Bitcoin’s old boom-and-bust rhythm may be gone for good