The price of gold fell by Rs2 400 in Pakistan on Saturday. A Tola of 24 carat gold is now being sold for R122 800. It recorded an overall decrease of Rs1 000 compared to the previous week.
According to the rates compiled by All Sindh Sarrafa and Jewelers Association, the price of the precious metal in the international market dropped by $26 per ounce, bringing the gold to $ 1,787.
Over the week, the price of gold remained uncertain in the world market, falling by $ 84 per ounce. It reached a five-month high of $ 1,874 per ounce on November 16 and a record high of Rs132,000 per ounce on October 26 in Pakistan.
In the domestic market, the price per 10-gram gold fell by Rs2,058 and set at Rs105,281.
— SBP (@StateBank_Pak) November 26, 2021
On the other hand, the silver price in Pakistan has not changed since November 22nd. It has been sold over the past six days at Rs1,460 per tola and Rs1,251,71 per 10 grams.
Pakistani rupee depreciates against US dollar
The value of the US dollar reached an all-time high against the Pakistani rupee. It rose by 94 paisas in the interbank market.
The local currency depreciated by 0.27% and the trading session closed at Rs175.46 on 26 November. Adnan Sami Sheikh, an economic analyst, said the rise in imports at the end of the month increased demand for dollars.
Sheikh said Pakistan must meet the IMF’s conditions and the next tranche of loans is expected in January or February next year. A billion-dollar aid package from Saudi Arabia has yet to be received, after which the pressure on the Pakistani rupee could ease.