The price of gold in the international bullion market has risen by $16, reaching $2,755 per ounce. Consequently, local gold markets saw a corresponding increase on Tuesday, with the price of 24-karat gold climbing by Rs 1,600 to Rs 285,000 per tola. Similarly, the price of gold per 10 grams also rose by Rs 1,372, now totaling Rs 244,342.
In contrast, the price of silver per tola remained unchanged at Rs 3,350, with the price for 10 grams of silver also stable at Rs 2,872.08.
Yesterday, the international bullion market experienced a $9 drop in the price of gold per ounce, bringing it down to $2,739. This fluctuation was reflected in local jewelry markets, where the price of 24-carat gold per tola fell by Rs 900, resulting in a new price of Rs 283,400. The cost of gold per 10 grams also decreased by Rs 771, now set at Rs 242,970.
Also Read: Gold Prices in Pakistan Experience Minor Drop
Additionally, the Pakistani rupee has depreciated by Rs 0.04, trading at Rs 277.68 against the US dollar in the inter-bank market, reversing some of Friday’s gains. The rupee had previously strengthened by Rs 0.20 to Rs 277.64 over the weekend, as reported by the State Bank of Pakistan.
In the open market, the local currency declined by Rs 0.01 to Rs 278.63 against the dollar compared to figures from Friday. Analysts attribute this depreciation to a strengthening US economy, which has bolstered the dollar against other major currencies, including the Chinese yuan, thereby impacting the value of the Pakistani rupee.
