Friday, December 3, 2021

Gold prices continue to fall in Pakistan


KARACHI: Gold prices extended a downward trend in the domestic market for the second consecutive day after the Pakistani rupee showed strength against the US dollar, ARY News reported on Thursday.

The price of per told gold witnessed a decrease of Rs3700 in Pakistan as the per tola of precious yellow metal now costs Rs120,550, said Muhammad Arshad, the chairman of the All Pakistan Jewellers Manufacturers Association.

Likewise, the rate of 10 grams of gold also declined by Rs3170 to Rs 10,3352.

The Pakistani rupee buoyed by $3 billion Saudi inflows continued its recovery against the United States (US) dollar for the second consecutive day in the interbank market on Thursday.

According to the State Bank of Pakistan (SBP), the local unit closed at 172.26 against the greenback, appreciating 52 paisas (0.30%) against the previous close of 172.78.

Also Read: Gold prices in Pakistan record whopping decrease after dollar slide

Saudi Arabia’s financial support of up to $4.2 billion raised the central bank’s foreign exchange reserves and boosted the sentiments of the currency market.

The rupee recouped Rs2.49 (1.44%) against the US dollar on Wednesday following the announcement of the Saudi package as it closed at Rs172.78.

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