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Gold price drops in Pakistan as rupee gains ground against US dollar

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The price of gold has dropped in the domestic market of Pakistan after reaching a record high. This decrease in the price of gold is attributed to the increase in the value of the Pakistani rupee against the US dollar. The International Monetary Fund (IMF) confirmed that it has received a commitment from Saudi Arabia to provide funds to help the cash-strapped country. As a result, the price of per tola gold decreased by Rs2,500 to close at Rs214,500, while the price of 10 grams of 24 carats gold went down by Rs2,142 to settle at Rs183,900, according to the All-Pakistan Sarafa Gems and Jewellers Association’s (APSGJA) data.

In the international market, the price of gold decreased by $4 to close at $2019 per ounce. On the other hand, the prices of silver in the domestic market remained unchanged at Rs 2,450 per tola and Rs 2,100.48 per 10 grams, respectively.

This decrease in the price of gold in the domestic market is a relief for those who were planning to buy gold as an investment or for weddings. The rise in the value of the Pakistani rupee is a positive sign for the country’s economy, which has been facing challenges due to the COVID-19 pandemic.

However, it is important to note that the price of gold can be affected by various factors, including global economic conditions, political instability, and the demand for the metal in the jewellery industry. Investors should always do their research and consult with financial experts before making any investment decisions.

In conclusion, the price of gold has dropped in the domestic market of Pakistan due to the increase in the value of the Pakistani rupee against the US dollar. This is good news for those who were planning to buy gold, but it is important to keep in mind that the price of gold can be influenced by various factors. Therefore, it is essential to conduct proper research and seek advice before making any investment decisions.

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