KARACHI – Gold prices in Pakistan saw a significant decline on the first day of the business week after it registered massive gains in previous sessions.
Data shared by All Pakistan Gems and Jewellers Association showed the price of one tola falling by Rs5,500 to reach PKR 470,162.
Similarly, the price of 10 grams of gold dropped by Rs4,715, bringing it down to Rs403,088.
Experts suggest that the fluctuation in global gold prices, coupled with domestic economic factors, has led to the reduction in local gold prices. This decline comes as part of a larger trend of price adjustments in the precious metal market.
Meanwhile, the silver prices dropped by Rs330 to Rs8,075 per tola compared to previous close of Rs8,405.
On the other hand, the value of the US dollar witnessed a slight decrease in the interbank market today, as reported by the Exchange Companies Association of Pakistan.
The dollar’s price dropped by 2 paisas, bringing it down to the level of Rs280.15.
Throughout the trading week, the dollar continued to trade at this level in the interbank market. According to experts, the minor decline in the dollar’s value can be attributed to market stability and a reduction in import payments.
Currency dealers, however, caution that in the coming days, the dollar’s price may fluctuate due to global financial trends and the country’s domestic economic policies.
