Gold price drops by Rs6,500 per tola in Pakistan
- International rate of gold declines by $65 to reach $5,106 per ounce
Gold prices in Pakistan decreased on Monday in line with their loss in the international market. In the local market, gold price per tola reached Rs533,362 after a decline of Rs6,500 during the day.
Similarly, 10-gram gold was sold at Rs457,271 after it fell by Rs5,573, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).
On Saturday, gold price per tola reached Rs539,862 after a gain of Rs6,100 during the day.
The international rate of gold declined by $65 to reach $5,106 per ounce (with a premium of $20).
Meanwhile, the price of silver also decreased by Rs37 to reach Rs8,894 per tola.
Furthermore, international gold fell on Monday, as a stronger US dollar weighed on the greenback-priced bullion, while higher energy costs fuelled inflation concerns and further dimmed the prospects for near-term reductions in interest rates.
Spot gold was down 1.5% at $5,091.02 per ounce, as of 0233 GMT, after falling more than 2% earlier in the session.
US gold futures for April delivery were down 1.2% at $5,097.40.
The dollar rose to a more-than-three-month high, making bullion more expensive for holders of other currencies.
Comments