Gold price drops by Rs250, Dollar loses by 0.35%

Karachi: Gold prices on Monday, saw a further decline of Rs250 while the PKR gained by 0.35% against the US Dollar, ARY News reported.

According to the All Pakistan jewellers manufacturers association, the price for 24kt gold dropped by Rs250 to settle at Rs1,38,300 on the first day of the business week.

Consequently, the price for 10 grams of the precious metal dropped by Rs214 to sell at Rs1,18,569.

However, the price for 1 ounce of Gold increased in the international market by $3 to sell at $1,856.

Dollar Rate

The Pakistani rupees on Monday continued to stabilize against the US dollar by gaining 0.35% in the interbank market.

According to data provided by the State bank of Pakistan (SBP), the PKR gained by 70 paisas against the US dollar to sell at Rs199.06.

Interbank closing #ExchangeRate for todayhttps://t.co/m03OWY8V6G pic.twitter.com/HBkS9Yb2PL

— SBP (@StateBank_Pak) May 30, 2022

However, the USD dropped in the open market too and sold at Rs199.76.

Also Read: Gold rate drops drastically, Rupee gains agianst US Dollar

Gold and US Dollar had breached their all-time high in the local market in the last four weeks. According to Forex dealers, the PKR has lost its value by Rs19.45 in the interbank while Rs24 in the open market.