Gold rate increases by Rs2,800 per tola

Gold rate increases by Rs2,800 per tola in Pakistan

As bargain hunting trickled in after rates dropped a day earlier in response to the continued recovery of the rupee against the US dollar, gold regained lost ground on Saturday.

According to data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs2,800 per tola and Rs2,400 per 10 grams to settle at Rs196,000 and Rs168,038, respectively.

However, further recovery of the rupee against the greenback as optimism regarding the revival of the International Monetary Fund (IMF) program clouded the precious metal’s outlook despite bargain hunters taking advantage of recent losses.

Cumulatively, the precious commodity lost Rs2,400 per tola during the week ending February 18.

Meanwhile, silver prices in the domestic market rose by Rs30 per tola and Rs25.72 per 10 grams to settle at Rs2,130 per tola and Rs1,826.13 per 10 grams, respectively.

In the international market, gold prices edged higher by $19 per ounce to settle at $1,843, however, they were on track for their third straight weekly dip as overall stronger dollar and bond yields following fresh hawkish rhetoric from US Federal Reserve officials weighed on the sentiments.

Related posts

UBS agrees 'emergency rescue' of Credit Suisse

UBS agrees to ’emergency rescue’ of Credit Suisse Its Swiss rival UBS has rescued…
Read more

Textiles on verge of collapse’

Textiles on verge of collapse Industry officials say exports have declined by 29% YoY as of Feb…
Read more

Stocks Slide Wednesday on Renewed

Stocks Slide Wednesday on Renewed Fears About the Banking System Bank stocks came under more…
Read more
Become a Trendsetter

Sign up for StayConnecting Daily Digest and get the best of StayConnecting, tailored for you.

Leave a Reply

Your email address will not be published. Required fields are marked *