KARACHI – Gold prices increases in domestic market on Thursday despite a downward trend in the international market.
The price of per tola gold rose by Rs600 to close at Rs222,800 while the price of 10 grams of 24 carats gold increases by Rs514 to settle at Rs191,500, according to the All-Pakistan Sarafa Gems and Jewellers Association’s (APSGJA) data.
In the international market, the price of the precious commodity decreased by $4 to settle at $1,922 per ounce.
Analysts defined the rise in gold prices to the Pakistani rupee's depreciation against the US dollar.
After the Stand-by deal with the IMF, the rupee recovered last month. The rupee's interbank exchange rate increased by more than 10 rupees and was centred at 275 rupees.
However, the favourable effect quickly subsided due to the strong dollar demand once the government lifted all import restrictions.
Meanwhile, the price of per tola and 10 gram silver remained constant at Rs2750 and Rs2,357.680, respectively.
Pakistani rupee's value remained stable against US dollar, Euro, Pound, Dirham, Riyal and other currencies in the open market.
On Monday, the US dollar was being quoted at 285.15 for buying and 287.95 for selling.
Euro rate stands at 309.9 for buying and 310.5 for selling. British Pound GBP rate stands at 359.4 for buying, and 360.05 for selling.
UAE Dirham AED currently hovers around 77.45 while rate of Saudi Riyal stands at 75.82.
|UK Pound Sterling||GBP||359.4||360.05|
|Hong Kong Dollar||HKD||36.38||36.48|
|New Zealand Dollar||NZD||173.44||175.44|
The gold remained under pressure as the precious metal moved down despite an upward trend in the international market.
On the first day of the week, the price of a single tola of 24-karat gold stands at Rs217,000 and 10 grams of 24k gold costs Rs186,043
A single tola of 22-karat gold costs Rs170,539, while 21 karat rate for each tola is Rs. 192,325 and the price of 18k gold is Rs164,850.
In the global market, gold prices hover at around $2086, gaining $14.44 on Monday.
|Lahore||PKR 217,000||PKR 2,720|
|Karachi||PKR 217,000||PKR 2,720|
|Islamabad||PKR 217,000||PKR 2,720|
|Peshawar||PKR 217,000||PKR 2,720|
|Quetta||PKR 217,000||PKR 2,720|
|Sialkot||PKR 217,000||PKR 2,720|
|Attock||PKR 217,000||PKR 2,720|
|Gujranwala||PKR 217,000||PKR 2,720|
|Jehlum||PKR 217,000||PKR 2,720|
|Multan||PKR 217,000||PKR 2,720|
|Bahawalpur||PKR 217,000||PKR 2,720|
|Gujrat||PKR 217,000||PKR 2,720|
|Nawabshah||PKR 217,000||PKR 2,720|
|Chakwal||PKR 217,000||PKR 2,720|
|Hyderabad||PKR 217,000||PKR 2,720|
|Nowshehra||PKR 217,000||PKR 2,720|
|Sargodha||PKR 217,000||PKR 2,720|
|Faisalabad||PKR 217,000||PKR 2,720|
|Mirpur||PKR 217,000||PKR 2,720|