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Gold price drops by Rs200 per tola despite depreciation in rupee

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  • Gold price drops by Rs200 per tola to reach Rs130,550.
  • Bullion rates in Pakistan are around Rs6,000 below cost.
  • Silver prices in the domestic market remain unchanged.

KARACHI: Gold price in Pakistan dropped by Rs200 per tola in Pakistan despite rupee depreciation — which hit to an all-time low of Rs178.98 against the US dollar on Monday.

According to All Sindh Sarafa Jewellers Association (ASSJA), gold prices in the local bullion market dropped by Rs200 per tola to reach Rs130,550, while the price of 10 grams gold decreased by Rs172 to reach Rs111,925.

A day earlier, the precious commodity closed at Rs130,750 per tola and Rs112,097 per 10 grams.

Cumulatively, the yellow metal had gained Rs1,350 per tola in the domestic market during the week that ended March 12.

Analysts were surprised over a decline in the gold price as past practices suggest that people used to take aggressive positions in gold in inflationary days.

However, they believe that investors — especially the young investors — are now taking aggressive positions in cryptocurrencies to make quick gains.

Speaking to Geo.tv, a gold dealer said that investing in gold is a safe bet against rupee depreciation or devaluation.

“People may also invest directly in the dollar to take a similar advantage, but some investors are more inclined towards the traditional shining asset,” he said.

He, however, said that Pakistan remains a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the commodity locally.

Accordingly, the gold price for local markets is determined keeping in view its prices in world markets, rupee-dollar exchange rate and its demand and supply in local markets.

In the international market, bullion price dropped by $20 per ounce to settle at $1,966.

Gold rates in Pakistan are around Rs6,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,480 per tola and Rs1,268.86 per 10 grams today.

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11 are killed and other coal workers are injured in the Harnai blast.

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An explosion in the Shahrag neighborhood of the Harnai region of Balochistan on Friday claimed the lives of at least 11 persons and injured a number more.

Police say the explosion happened close to a car that was transporting coal mine personnel. They said that numerous injured people are in critical condition.

After arriving at the scene, law enforcement officers began gathering evidence.

Eleven laborers were confirmed dead in the explosion by the deputy commissioner of Harnai. Swat and Shangla were responsible for the majority of the fatalities and injuries.

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Ties Between Pakistan and Turkey: Pakistan Is Our Second Home Erdoğan Emine

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Emine Erdoğan, the First Lady of Turkey, has underlined the pressing need for international environmental action.
Speaking at the Environmental Sustainability event in Islamabad, Emine Erdoğan emphasized the two nations’ long-standing friendship.
Chief Minister Punjab Maryam Nawaz also addressed the event.

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Terrorism Out of the Nation: Security Forces Kill 13 Khwarij in Five KP Engagements

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In five separate encounters in the region of Khyber Pakhtunkhwa, security forces have killed thirteen Khwarij.
ISPR reports that security personnel carried out an intelligence-based operation in the general vicinity of Khulachi, Dera Ismail Khan District, in response to the reported presence of Khwarij.
During the conduct of operation, own troops effectively engaged the Khwarij Location, resultantly, Five Khwarij including Kharji Shah Gul Alias Rohani were sent to hell.
In two separate encounters in north Waziristan District, fire exchange took place between the security forces and Khwarij in general areas Dosali and Tappi. Resultantly, five Khwarij were effectively neutralized by own troops.

In another encounter that took place in Lakki Marwat District, Two Khwarij were sent to hell.

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