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Gold breaks losing streak as price rises by Rs1600 per tola in Pakistan

Gold

KARACHI: Gold snapped five day losing streak as prices in Pakistan on Saturday recorded an increase of Rs1,600, settling the per tola price at Rs143,500.

Gold was up Rs1,600 at Rs143,500 per tola and increased by Rs1,372 to Rs123,028 per 10 grams. The rates of gold were Rs141,900 per tola and Rs121,656 per 10 grams on Friday.

The precious commodity has lost around Rs17,700 during the period of August 1-5.

A significant recovery of the Pakistani rupee against the US dollar during the week dimmed the shine of the yellow metal.

Accordingly, the gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.

The dealers had already anticipated the market to undergo a correction after the precious commodity scaled to new peaks. The gold hit an all-time high of Rs162,500 per tola on July 28.

In the international market, bullion prices declined by $10 per ounce to settle at $1,777.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,620 per tola and Rs1,388.88 per 10 grams today.

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