In a notable development in the Pakistani market, the price of gold (24 carats) witnessed a significant upswing, as reported by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). With a substantial increase of Rs4,900, the price settled at Rs202,000 per tola. This surge in gold prices has also affected the 10-gram gold rate, which saw an increase of Rs4,201, reaching Rs173,182.
Simultaneously, the international market also experienced a surge in gold prices, with the precious metal recording a hike of $46, settling at $1,938 per ounce.
Conversely, the US dollar encountered a decline against the Pakistani rupee in the interbank market during this week’s trading activities. The dollar shed Rs 5.07, with the rate plummeting to Rs277.62 from 282.69 rupees in the interbank trading.
In the open market, the US currency saw a drop of Rs4.50 over the course of the week, closing at Rs277 from 281.50 rupees.
These substantial fluctuations in the price of gold and the retreat of the US dollar in the Pakistani market have significant implications for both investors and the overall economy. Market participants are closely monitoring these trends, which are poised to influence investment strategies and monetary policies in the coming weeks.