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Gold loses shine, price drops by Rs850 per tola in line with rupee appreciation

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  • Gold price settles at Rs142,200 per tola.
  • Price of gold falls by Rs729 per 10-gram.
  • Silver prices in domestic market remain unchanged.

KARACHI: After a continuous hike in the gold prices for six consecutive days, the gold lost its shine on Wednesday as it declined by Rs850 per tola as the Pakistani rupee recovered partially against the US dollar in the interbank market. 

According to the All Sindh Sarafa Jewellers Association (ASSJA), the price of the yellow metal settled at Rs142,200 per tola. Meanwhile, the price of gold fell by Rs729 per 10-gram to settle at Rs122,085.

A day earlier, the price of gold closed at Rs143,250 with an increase of Rs1,250 per tola. 

In the international market, the price of the precious commodity decreased by just $1 and closed at $1,848 per ounce. 

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,570 per tola and Rs1,346.02 per 10-gram today.

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With a loss of 32 paisas, the US dollar is now trading at 277 rupees on the interbank market.

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In the Interbank market, the United States dollar is currently trading at 277 rupees and 63 paise, indicating a depreciation of 32 paise. Yesterday, it reached a closing price of 277 rupees and 95 paise on the Interbank market.

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The price of gold has skyrocketed in Pakistan.

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Pakistan’s gold price recovered on Friday following a sharp drop the day before, mirroring worldwide market patterns.

According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold per tola rose by Rs2,000 in the local market, ending at Rs278,800.

Likewise, the cost of 10 grams of 24-karat gold increased by Rs1,715 to Rs239,026.

With an extra $20 premium, the price of gold increased by $21 on Friday to $2,683 per ounce on the global market as well.

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The PSX-100 index reaches a record high and surpasses 93,000 points.

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Historically, the Pakistan Stock Exchange (PSX) exceeded the 93,000-point threshold for the first time, with the KSE-100 index increasing by 480 points to attain a record high of 93,001 points.

A significant milestone was reached on the final business day of the week, establishing a new record for the nation’s stock market.

Economists ascribe the market’s expansion to expectations of an enhanced economic rating for Pakistan and a favorable perspective on economic reforms. The session commenced positively, with the 100 index initially increasing by 250 points, reaching 92,770 points prior to the day’s zenith. The market concluded the prior day at 92,520 points.

Simultaneously, the Pakistani rupee appreciated as the dollar decreased by 20 paisa in the interbank market, now valued at 277.75 rupees. Economists attribute this enhancement to heightened remittances and a current account surplus, which have strengthened the rupee’s status.

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