Web Desk (LTN NEWS): Due to changes in the international market, the price of gold in Pakistan dropped by almost 1% on Monday, and the local currency is having trouble getting stronger against the US dollar
All Sindh Sarafa Association released information showing that the price of gold went down by Rs1,400 per tola and Rs1,200 per 10 grams. The final prices for the precious metal were Rs145,600 and Rs124,828.
On August 27, 2022, the price of the goods went up by Rs4,400 per tola.
The rupee-dollar parity and international rates are used by the association to set local prices. Based on how the market works, when the rupee gets stronger against the US dollar and commodity prices rise on the international market, local prices of gold tend to go down.
But analysts and market players are surprised that gold prices are going down even though the local currency is getting worse.
On the international market, the price of the yellow metal fell by $10 per ounce to settle at $1,728 as US Federal Reserve Chair Jerome Powell said that the US central bank’s rate tightening wasn’t going to be reversed quickly. This made the dollar stronger.
It is important to note that the price of gold is below its cost and is Rs7,000 per tola cheaper than in Dubai.
On the domestic market, silver prices stayed the same today at Rs1,530 per tola and Rs1,311.72 per 10 grams.
