Gold price in Pakistan dips further

ISLAMABAD: The gold price in Pakistan continued its downward trend on Friday, mirroring the international market, where prices remained flat in early trading.

According to the All Pakistan Sarafa Gems and Jewellers Association, gold prices in Pakistan witnessed a slight decrease of Rs100 per tola.

The new price of 24-karat gold stands at Rs352,900 per tola after the latest cut.

Similarly, the price of 10 grams of gold dropped by Rs86, settling at Rs302,555.

In contrast, silver rates remained unchanged, with one tola priced at Rs3,900 and 10 grams at Rs3,344.

Downward trend

Gold price in Pakistan has been on a downward trend for several weeks.

The most significant recent drop occurred on July 21, when gold lost Rs5,900 per tola, bringing the price down to Rs359,000.

The price of 10 grams also declined by Rs5,058, settling at Rs307,784.

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The following day, on July 22, gold price in Pakistan fell further by Rs2,300 per tola, reducing the rate to Rs356,700. Similarly, the price of 10 grams dropped by Rs1,972, closing at Rs305,812.

Gold price in international market

Meanwhile, gold prices in the international market also saw a minor dip on Friday, falling by $1 to $3,302 per ounce.

As of 4:24 AM GMT, spot gold was trading at $3,292.18 per ounce, unchanged from the previous session. So far this week, the precious metal has slipped by 1.3 percent. Meanwhile, US gold futures were down 0.2 percent at $3,342.10.

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The dollar index reached its highest level since May 29, making gold more expensive for buyers holding other currencies. The rising dollar is being supported by the US Federal Reserve’s firm stance on keeping interest rates elevated for now.