Pakistan witnesses decline in gold price

KARACHI: The price of gold in Pakistan decreased by Rs1000 per tola on Saturday according to the Pakistan Sarafa Gems and Jewellers’ Association (APSGJA).

After the decrease, the price of the gold metal per tola reached Rs 234,500. The price of 10 grams stands at Rs210,046 witnessing a decrease of Rs857.

Gold traders and investors have been advised to monitor market fluctuations and make informed decisions accordingly.

Read more: Dollar climbs to record high against Pakistani rupee

Separately, the US dollar rose to a record high of 300.25 against Pakistani rupees in the interbank market on Friday, up 61 paisas from the previous close, as the country grappled with the economic fallout following a new IMF loan agreement.

The greenback has gained 11.76 rupees, or 4.1%, since August 11, when it closed at 288.49 rupees, according to data from the State Bank of Pakistan.

The dollar has surged 24.81 rupees, or 9%, since May, when Pakistan reached a $3 billion stand-by arrangement with the International Monetary Fund (IMF) to support its economic stabilization program.