Gold price in Pakistan is slipping down a bit
In Pakistan, the price of gold fell by 2,400 rupees on Saturday. A tola of 24k gold is now selling for 122,800 rupees.
It saw an overall decrease of Rs 1,000 compared to the previous week.
According to rates compiled by the All Sindh Sarrafa and Jewelers Association, the price of the precious metal in the international market fell by $ 26 an ounce, rising to $ 1,787.
During the week, the price of gold in the world market remained uncertain, falling by $ 84 an ounce. It hit a five-month high of $ 1,874 an ounce on November 16 and a record high of Rs 132,000 per tola on October 26 in Pakistan.
In the domestic market, the price per 10 gram gold fell by 2,058 rupees and settled at 105,281 rupees.
On the other hand, the price of silver in Pakistan has not changed since November 22nd. It has sold for 1,460 rupees per tola and 1,251.71 rupees per 10 grams in the past six days.
Pakistani rupee drops against the US dollar
The value of the US dollar is reaching an all-time high against the Pakistani rupee. In the interbank market, it has risen by 94 paisas.
The local currency depreciated 0.27% and the trading session closed on November 26th at 175.46 rupees.
– SBP (@StateBank_Pak) November 26, 2021
Adnan Sami Sheikh, an economic analyst, said the increase in imports towards the end of the month increased dollar demand.
Sheikh said that Pakistan had to meet the IMF’s conditions and that the next loan tranche was expected in January or February next year. A billion dollar aid package from Saudi Arabia is still pending, after which the pressure on the Pakistani rupee could ease.
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