Friday Sep 16 2022

Gold loses shine as rupee hovers near all-time low

A representational image of gold jewellery. — Reuters/File
A representational image of gold jewellery. — Reuters/File

  • Gold price in Pakistan settles at Rs155,000 per tola.
  • Gold is losing shine despite continuous depreciation of rupee.
  • Silver prices in local market remained unchanged.

KARACHI: Following a day’s respite, gold resumed its downtrend in the local market in line with the prices in the international market.

The precious metal lost Rs850 per tola and Rs728 per 10 grams to settle at Rs155,000 and Rs132,888 respectively, data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

The precious metal has been losing shine despite the continuous depreciation of the rupee against the US dollar.

Gold is stuck in a range and is going to continue to be in a range in the near term. The market will only break out into a direction after it gets more economic data and sees stability in rupee-dollar parity.

In the international market, the price of yellow metal declined by $19 per ounce to settle at $1,667.

Gold rates in Pakistan are around Rs1,000 below the cost compared to the rate in the Dubai market.

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