Gold Prices Crash Again : Gold lovers and investors woke up to another dip in prices this Saturday, as both international and domestic markets continued their downward slide.
Global Market Slips Further
Reports from the international bullion market revealed a $9 drop in gold rates, bringing the price down to $3,335 per ounce. This decline sent ripples across local markets, triggering fresh cuts in gold and silver rates.
Local Gold Prices Take a Hit
In Pakistan, the price of 24-carat gold per tola fell by Rs900, now standing at Rs356,200. Meanwhile, 10 grams of gold saw a reduction of Rs771, settling at Rs305,384.
Silver Prices Also Slide
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Silver wasn’t spared either. The price of silver per tola dropped by Rs41, now priced at Rs4,031, while 10 grams slipped by Rs36, landing at Rs3,455.
Rupee Keeps Climbing Against Dollar
While precious metals lost ground, the Pakistani rupee continued its winning streak against the US dollar, marking its fourth straight week of gains.
According to Ismail Iqbal Securities, the rupee appreciated 0.06% day-on-day, closing at 282.06 against the greenback.
However, zooming out to the calendar year, the rupee has depreciated 1.25%, though it has gained 0.60% in the current fiscal year so far.
AKD Securities also confirmed the rupee’s four-week rally, signaling cautious optimism in the currency market.