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Gold, dollar slide in Pakistan

The price of precious metal fell down by Rs11,350 in past two days

SAMAA | - Posted: Oct 28, 2021 | Last Updated: 1 month ago
SAMAA |
Posted: Oct 28, 2021 | Last Updated: 1 month ago

Photo: File

Gold’s price per tola dropped Rs3,550 in Pakistan on Thursday, according to the rates compiled by the All Sindh Sarrafa Jewelers Association. A tola of gold is now selling for Rs120,650.

The prices of the precious metal fell down by Rs11,350 in the past two days. The downward trend in the local market was recorded due to a dip in dollar value against the Pakistani rupee. The gold prices, however, in the international market are on the rise. It recorded an increase of $13 per ounce to around $1,802 in the international market.

The price per 10-gram gold fell by Rs3,043 to Rs103,438. Meanwhile, the price of silver fell by Rs20 per tola to Rs1,260.

On October 26, the gold price was increased by Rs4,200 taking it to an all-time high of Rs132,000 per tola in Pakistan.

Rupee strengths against US dollar

According to data released by the State Bank of Pakistan, the Pakistani rupee appreciated around 0.30% to close at Rs172.26, after having closed at 172.78 on Thursday. It has depreciated nearly 10% since June 2021.

The currency started recovering after Saudi Arabia announced that it was depositing $3 billion in the State Bank of Pakistan (SBP) to help support its foreign reserves.

Saudi Arabia has announced a $4.2 billion aid package to support Pakistan. “Riyadh would make a $3 billion deposit with the State Bank of Pakistan (SBP) and offer an oil deferred payments facility of $1.2bn per annum,” said Federal Energy Minister Hammad Azhar.

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Gold and dollar slides in Pakistan, dollar rate in Pakistan, Gold prices in Pakistan
 

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