Gold prices drop by Rs5,000 per tola in one day
Gold prices in Pakistan witnessed a sudden and significant decline of Rs5,000 per tola on Friday, dropping from Rs282,800 to Rs277,800, according to the All Sindh Sarafa Jewellers Association. The price of 10 grams of 24-karat gold also fell by Rs4,286, settling at Rs238,169.
The drop in gold prices follows a two-day upward trend and is primarily attributed to a $50 decrease in international gold rates, which fell from $2,716 to $2,666 per ounce. Gold market analyst Ahsan Ilyas confirmed that the decline reflects global market trends, with no major domestic factors contributing to the price drop.
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Alongside gold, silver prices also saw a decrease. The price of one tola of silver fell by Rs50 to Rs3,400, while the price for 10 grams dropped by Rs42.86, settling at Rs2,914.86.
In the currency market, the Pakistani rupee appreciated slightly against the US dollar in interbank trading, closing at Rs278.11 compared to the previous day’s Rs278.23. In the open market, the buying and selling rates of the dollar stood at Rs277.60 and Rs279.15, respectively, according to the Forex Association of Pakistan.
Other currencies also showed mixed trends. The euro dropped by Rs1.54, closing at Rs291.06, while the British pound experienced a more substantial decrease of Rs3.87, trading at Rs351.24. The Japanese yen fell by one paisa to Rs1.81, while the Emirates dirham and Saudi riyal saw minor declines, closing at Rs75.71 and Rs74.01, respectively.
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