Domestic gold prices drop for fifth day in a row

KARACHI: Gold prices continued their downward trend in Pakistan as per tola price of precious metal on Tuesday declined by Rs300 in the domestic market, ARY News reported.

According to all Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad, the rate of per tola of the precious commodity declined to Rs124,950 per tola in Pakistan after losing Rs 300.

Similarly, the price of 10 grams of gold also declined by Rs258 to Rs107,124 in the domestic market.

Rupee rally continues against US dollar

The Pakistani rupee continued its rally against the United States (US) dollar in the interbank currency market on Tuesday.

According to the data shared by the State Bank of Pakistan (SBP), the domestic currency closed at Rs176.43 against the greenback, showing appreciation of 29 paisas over the previous close of Rs176.72.

The Pakistani Rupee declined by almost 12 per cent last year. The dollar flight continued despite multiple measures taken by the State Bank of Pakistan (SBP) to stabilise the exchange rate.