Gold continues its downward spiral in Pakistan

An undated file picture of gold units displayed at a jewelry retailer. — AFP/File

KARACHI: Domestic gold costs continued a downward streak for the second consecutive day on Tuesday because the native unit depreciated by 0.48% or Rs1.46 towards the buck in the interbank market.

According to information launched by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the home value of the dear steel (24 karat) misplaced Rs6,300 per tola and Rs5,402 per 10 grammes to settle at Rs232,800 and Rs199588, respectively.

Meanwhile, the worth of the yellow steel fell by $9 to settle at $1,931 per ounce in the worldwide market right now.

The gold fee has been risky in Pakistan lately amid continued political and financial uncertainty, and excessive inflation.

Data shared by the affiliation confirmed the worth of silver 24 karat dipped by Rs100 per tola and Rs85.74 per 10 grammes to settle at Rs2,800 and 2400.5, respectively.

It is pertinent to say right here that the native unit witnessed a devaluation of Rs1.46 towards the buck in the interbank buying and selling and closed at Rs307.10 towards the day gone by’s closing of Rs305.64.

However, in response to the Forex Association of Pakistan (FAP), the shopping for and promoting charges of the greenback in the open market stood at Rs320.8 and Rs324, respectively.

A day earlier, the per tola value of 24 karat gold decreased by Rs700 and was bought at Rs239,100. Similarly, the worth of 10 grams of pure gold additionally fell by Rs600 to Rs204,990, in response to the All Sindh Sarafa Jewellers Association.

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