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KARACHI: Gold prices on Thursday saw a mammoth fall in the local market, traders said. Rates of yellow metals nosedived by Rs4600 to Rs140700 per tola, which is linked to the IMF’s loan prospects.

“Investors see a fall in the dollar value against the rupee on the IMF’s program, which helped recede gold rates on the local market, “leading gold trader, Haroon Chand said.

Price of the precious metal also slumped by Rs3943 to Rs120628 per 10 grams.

On the world market, gold prices were quoted for $1831 per ounce.

Silver was traded for Rs1560 per tola and Rs1337.44 per 10 grams, traders said.

Copyright Business Recorder, 2022

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