Gold snaps seven-session losing streak in Pakistan

Gold snapped the losing streak on Tuesday after a seven-session of devaluation despite the continued rupee appreciation against the US dollar in the interbank.

The per tola price of 24 karat gold increased by Rs5,600 and was sold at Rs215,000 today compared to its sale at Rs209,400 on Monday — the first day of the ongoing week.

The price of 10 grammes of 24 karat gold also soared by Rs5,058 to Rs184,585 from Rs179,527 whereas the price of 10 grammes 22 karat gold went down to Rs168,967 from Rs165,544, according to the All Sindh Sarafa Jewellers Association.

Meanwhile, the price of per tola 24 karat silver increased by Rs50 to Rs2,550 whereas that of 10 grammes silver went up by Rs42.87 to Rs2,186.21.

However, the price of yellow metal dropped in the international market by $15 to $1911 from $1,926, the association reported.

Earlier today, the local currency extended the winning streak and traded under 300 against the greenback in the interbank.

As per the State Bank of Pakistan, the rupee closed at 299.89 against the dollar at the close of the day’s trading compared to Rs301.16 against the previous day’s closure. The rupee appreciated by 0.42% in the interbank market today.