Gold falls by over Rs2,000 as rupee strengthens
Gold prices fell in the local market on Tuesday for the second time this week after the rupee recovered against the dollar following the International Monetary Fund (IMF) deal.
Gold (24 carats) prices decreased by Rs2,200 per tola and Rs1,887 per 10 grams to settle at Rs205,000 and Rs175,754, respectively, according to APSGJA data.
Yellow metal prices rose for a second day today by $17 to settle at $1,929 per ounce on the international market.
Pakistan’s gold rate has been volatile recently due to political and economic uncertainty, as well as high inflation. This precious commodity is seen as a safe investment and a hedge during such times.
According to data from the association, silver’s price remained unchanged at Rs2,500 per tola and Rs2143.34 per 10 grams.
Although bullion prices rose internationally, the local market saw a decline as the rupee recovered by Rs10.5 against the dollar.
In the interbank market, the rupee gained Rs10.5 or 3.83% against the greenback after the government signed a staff-level agreement (SLA) with the International Monetary Fund (IMF) for a $3 billion financing package.