Gold prices in Pakistan record whopping decrease after dollar slide

KARACHI: The gold prices have recorded a decrease of Rs8,550 per tola on Wednesday in the bullion market after the US dollar slid Rs2.5 against the local currency, ARY News reported.

The daily gold price today climbed down to Rs124,250/tola after Rs8,550 slash. The decrease followed the retreat in the US dollar value which also shed Rs2.49 against the local rupee and stood at Rs172.78 in the interbank closing today.

Similarly, the 10-gram gold price have come down Rs7,329 after which it is priced at Rs106,524 in the bullion market, said Chairman All Pakistan Jewellers Association (APJA), Mohammad Arshad.

The price of gold has also reduced in the international market today where an ounce of gold saw US$12 slash to now be available at $1,789.

Dollar gets Rs2.6 cheaper against rupee as KSA promises $4.2bln support

Pertinent to note today that the US dollar in the interbank trade has recorded a retreat of Rs2.5 against the rupee as soon as the Kingdom of Saudi Arabia promised $3 billion deposit in the central bank.

The charging US dollar that only yesterday made a new record of marching past the Rs175-mark against the bleeding rupee has receded on the back of Saudi Crown Prince MBS’ promises of two-pronged financial support up to $4.2 billion.

The forex traders have cited this KSA support for respite in rupee value, after Prime Minister Imran Khan’s visit to the kingdom that concluded yesterday.

In the mid-week interbank trading during the day, the dollar has shed Rs2.61 value and is presently trading at Rs172.78.