Tuesday, October 26, 2021

Gold rates move up in Pakistan

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KARACHI: The price of gold witnessed an increase of Rs500 per tola in Pakistan on Monday, ARY News reported.

The per tola of precious yellow metal now costs Rs112,900, said Muhammad Arshad, the chairman of the All Pakistan Jewellers Manufacturers Association.

Likewise, he added, the rate of 10 grams gold rose by Rs428 to Rs96,793.

In the international market, gold prices hit a more than five-week low on Monday, as the dollar firmed with markets closely watching a US Federal Reserve meeting for clues on when the central bank will start tapering its pandemic-era stimulus.

Spot gold fell 0.3% to $1,748.13 per ounce, having earlier touched its lowest level since Aug. 12 at $1,741.86.

U.S. gold futures fell 0.2% to $1,748.60.

On the other hand, the Pakistani rupee depreciated 53 paisas against the United States (US) dollar in the inter-bank currency market on Monday.

According to the State Bank of Pakistan (SBP), the rupee finished at Rs168.72 against the greenback, registering depreciation of 53 paisas over the previous close of Rs168.19.

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