The price of 24-karat gold in Pakistan declined by Rs2,200 per tola, while the Pakistani rupee gained Rs3.61 against the US dollar in the interbank market on Friday.
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According to the All Pakistan Jewellers Manufacturers Association, the price of 24-karat gold settled at Rs141,200 per tola after the latest decline.
The price of 10 grams of 24-karat gold also decreased by Rs1,867 to Rs121,056.
International Gold Price Rises
Despite the decline in local gold prices, international gold prices moved higher.
The international price of gold increased by $16 per ounce, reaching $1,859.
The movement in local gold prices was also influenced by changes in the exchange rate, as the Pakistani rupee strengthened against the US dollar.
Dollar Rate in Pakistan
The Pakistani rupee gained Rs3.61 against the US dollar in the interbank market on Friday.
Following the increase in the value of the rupee, the US dollar settled at Rs199.76 in the interbank market.
In the open market, the dollar was being traded at around Rs202.01.
The latest movement came after the dollar had crossed the Rs200 mark during the previous week, reaching a record level against the Pakistani rupee at that time.
The movement in the exchange rate and international gold prices continues to influence gold prices in Pakistan, with local bullion rates reflecting both global market trends and currency movements.
