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Gold

Gold Prices Decline in Pakistan and International Markets

Strategic Insights

— 2 min read

Gold prices have witnessed a decline in both domestic and global markets. In Pakistan, the price of 24-carat gold per tola has dropped to Rs274,900 per tola, a decrease of Rs600. Similarly, the cost of 10 grams of gold has fallen to Rs235,682, a drop of Rs515. The international gold market has also seen a decline, with the price of gold per ounce dropping to $2,647, a decrease of $6 from the previous day. These declines come after gold prices in Pakistan reached a record high of Rs264,000 per tola, driven by global market trends and investors positioning themselves ahead of upcoming economic data releases.

Key Takeaways:

  • The price of 24-carat gold per tola in Pakistan decreased by Rs600, reaching Rs274,900 per tola.
  • The price of 10 grams of gold in Pakistan dropped by Rs515, bringing it to Rs235,682.
  • The price of gold per ounce in the international market fell by $6, bringing the new global price to $2,647.
  • Gold prices in Pakistan previously reached a record high of Rs264,000 per tola, driven by global market trends and investor anticipation of economic data releases.
  • Investors are anticipating a slowdown in US inflation, which may lead to a significant interest rate cut by the US Federal Reserve.
  • The Pakistani rupee strengthened against the US dollar, gaining Rs 0.08 in the inter-bank market to close at Rs 278.54.
  • In the open market, the rupee improved by Rs 0.10, settling at Rs 280.85 per dollar.
  • Foreign investors have invested $27 million in Pakistan's government debt securities, bolstering forex reserves and supporting the rupee.

Statistics:

  • The decline in the price of 24-carat gold per tola in Pakistan was Rs600, reaching Rs274,900 per tola.
  • The drop in the price of 10 grams of gold in Pakistan was Rs515, bringing it to Rs235,682.
  • The decline in the price of gold per ounce in the international market was $6, reaching $2,647.
  • The record high price of gold in Pakistan was Rs264,000 per tola.
  • The US dollar exchange rate with the Pakistani rupee in the inter-bank market was Rs278.54.
  • The US dollar exchange rate with the Pakistani rupee in the open market was Rs280.85.
  • The amount of foreign investment in Pakistan's government debt securities was $27 million.

Sources:

  • "Gold prices in Pakistan decline on global trend" - Dawn
  • "Pakistan Rupee Strengthens Against US Dollar" - Bloomberg
  • "Gold Prices Fall on Global Trend" - Business Recorder
  • "US Inflation Rate Expected to Slow Down" - CNBC

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