Gold price climbs down in local market due to international slide

KARACHI: The local bullion market has on Wednesday seen gold prices sliding as much as Rs3000 per tola reaching Rs122,000 since its close yesterday during the week, ARY News reported.

Similarly another benchmark unit of gold, 10-gram, has shed about Rs2,572 in the market which is now available at Rs104,595 today around the market close.

It may be noted that in the global markets today, the gold has receded and lost $12 on an ounce and is available $1,763 in the international markets.

Rupee recovers in interbank market

The gold retreat today may as well be attributed to the rupee recovery in the foreign exchange market in the interbank trade.

The Pakistani rupee extended gains today against the United States (US) dollars in the interbank currency market.

According to foreign currency dealers, the local unit gained 59 paisas against the greenback in early trade, rising to Rs174.30 from yesterday’s closing rate of Rs174.89.

In the open market, however, the dollar is trading at Rs175.50 against the rupee. Dealers attributed the rupee’s rise to a slowdown in panic and speculative buying of the greenback as well as its tepid demand from importers.