Gold rates go down in Pakistan

KARACHI: The gold rates in Pakistan dropped by Rs1500 taking the cost of 24-karat gold to Rs241,200, ARY News reported. 

According to All Sindh Sarafa Jewellers Association, 10 grams of 24-karat gold price witnessed a decrease of Rs1286 and is being sold at Rs206,790.

These movements are closely linked to changes in the value of the US Dollar, indicating the close relationship between currency values and gold prices. This underscores the impact of global economic factors on local gold markets.

Internationally also, the gold price witnessed a drop by 17 dollars to 2335 dollars per ounce.

Read more: Gold rates witness drop in Pakistan

The Pakistani rupee sustained losses for the third consecutive session as local unit depreciated 0.04% against the US dollar in the inter-bank market on Thursday.

At close, the local unit settled at 278.50, a loss of Re0.10 against the greenback, as per the State Bank of Pakistan (SBP).