Gold slips below Rs275,000 per tola after latest decline

KARACHI: Gold prices in Pakistan saw a decline on Monday, with the rate of 24-karat gold falling by Rs1,700 to Rs274,500 per tola.

Internationally, spot gold prices were also lower, trading at $2,635 per ounce, reflecting a drop of $10.5 or 0.40 per cent from the previous session.

According to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of 24-karat gold for 10 grammes decreased by Rs1,457, settling at Rs235,340. The rate for 22-karat gold also declined, now priced at Rs215,728 per 10 grammes.

Meanwhile, silver prices remained stable in the domestic market. The price of 24-karat silver held steady at Rs3,400 per tola and Rs2,915 per 10 grammes.

Rupee strengthens slightly against US dollar

In currency updates, the Pakistani rupee (PKR) gained 7.65 paisa, or 0.03 per cent, against the US dollar in Monday’s interbank session. The rupee closed at Rs277.97 per USD, up from the previous close of Rs278.05.

In the open market, exchange companies quoted the dollar at Rs276.60 for buying and Rs279.10 for selling. The rupee saw an intraday high (bid) of Rs278.00 and a low (ask) of Rs277.90 during the session.

Since the start of the current fiscal year, the PKR has appreciated by 36.77 paisa, or 0.13 per cent, against the dollar, while it has risen by Rs3.89, or 1.40 per cent, over the course of this calendar year.

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