Gold prices turned down, as US dollar continues diminishing

KARACHI: The gold price today is showing downward trend in the value of one tola and 10 gram by Rs1,850 and Rs1,586 respectively. The gold is losing its value sue to continuous diminishing of US dollar against Pakistani rupee in the interbank market.

It is observed that local one tola and 10 grams gold price further came down by Rs1,850 and Rs1,586 on Monday attaining worth of Rs54,500 and Rs46,725 respectively. However, there is no modification in gold prices in world gold rate, and is stable at $1,224 per ounce.

Only local gold prices are showing declining phase since July 21, due to appreciation in the value of Pakistani rupee against the US dollar in the open and interbank markets.

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From July 21 till today, the cost of one tola and 10 grams gold has fall by Rs5,550 and Rs4,758 respectively. The price of one tola and 10-gram on July 21 was around Rs60,050 and Rs51,483 while the world gold price was $1,233 per ounce.

On Monday, the market opened with a very low US dollar rate trading at Rs122.80 for buying and selling is done at the rate of somewhere Rs123, this also showed the negative trend in the Pakistan Stock Exchange (PSX) as KSE-100 index lost 400 points to reach 43,170 points.