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Gold price slides down a notch in Pakistan

It recorded an overall decrease of Rs1,000 this week

SAMAA | - Posted: Nov 27, 2021 | Last Updated: 2 months ago
SAMAA |
Posted: Nov 27, 2021 | Last Updated: 2 months ago

Photo: FILE

The price of gold slumped Saturday by Rs2,400 in Pakistan. A tola of 24k-gold is now selling at Rs122,800.

It recorded an overall decrease of Rs1,000 compared to the preceding week.

According to the rates compiled by All Sindh Sarrafa and Jewelers Association, in the international market, the price of the precious metal fell by $26 per ounce, taking the gold to $1,787.

Over the week, the price of gold remained uncertain in the global market and dropped by $84 per ounce. It touched a five-month high of $1,874 per ounce on November 16 and a record high of Rs132,000 per tola on October 26 in Pakistan.

In the domestic market, the price per 10-gram gold fell by Rs2,058 and settled at Rs105,281.

Silver prices

On the other hand, the silver price in Pakistan has not been changed since November 22. It was being sold at Rs1,460 per tola and Rs1,251.71 per 10 grams for the past six days.

Pakistani rupee goes down against US dollar

The value of the US dollar is hitting an all-time high against the Pakistani rupee. It has risen by 94 paisas in the interbank market.

The local currency depreciated by 0.27% and the trading session closed at Rs175.46 on November 26.

Adnan Sami Sheikh, an economic analyst, said that the rise in imports at the month-end has increased the dollar demand.

Sheikh said that Pakistan has to meet IMF’s conditions and the next tranche of loans is expected in January or February next year. A billion-dollar aid package from Saudi Arabia is yet to be received, after which the pressure on the Pakistani rupee may ease.

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