Gold loses shine, falls by Rs8,800 per tola
Business
Gold falls by Rs8,800 as govt succeeds in clinching IMF deal
KARACHI (Web Desk) – Gold prices in Pakistan decreased by Rs8,800 per tola as the governmnet succeded in clinching $3billion deal under Stand By Arrangmnet (SBA) with the IMF.
All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) said the price of gold (24 carats) was decreased by Rs8,800 per tola and Rs7,544 per 10 grams and settle at Rs207,200 and Rs177,641, respectively.
Meanwhile, the price of the yellow metal increased by $9 and settle at $1,912 per ounce in the international market on Monday.
The association highlighted the price of silver also moved down by Rs50 per tola and Rs42.87 per 10 grams and settle down at Rs2,500 and Rs2143.34, respectively.
Despite an increase in the prices of bullion internationally, the local market saw a decline as the local currency recovered by Rs5 against the greenback.
In the open market, the rupee appreciated Rs5 to close at Rs285 after the government succeeded in a staff-level agreement (SLA) with the International Monetary Fund (IMF) for a $3 billion financing facility.
