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The per tola price of 24 karat gold increased by Rs.2,500 and was sold at Rs.245,000 on Friday compared to its sale at Rs.242,500 on the last trading day.
The price of 10 grams of 24 karat gold also increased by Rs.2,143 to Rs.210,048 from Rs. 207,905 whereas the price of 10 grams 22 karat gold went up to Rs.192,544 from Rs.190,580, the All Sindh Sarafa Jewellers Association reported.
The price of per tola and ten-gram silver remained stagnant at Rs.2,650 and Rs.2,271.94 respectively. The price of gold in the international market increased by $21 to $2,343 from $2,322, the association reported.
On the other hand, the United States dollar fell by Rs0.23 in the first half of trading on Friday.
The decrease took the exchange rate of the dollar to Rs278.25 in the interbank trade.
Pakistan’s new government is confident that there will be no significant devaluation of its currency as it engages in negotiations with the International Monetary Fund (IMF) to secure substantial lending and support its economic reform agenda, according to a new report by Bloomberg.
According to Finance Minister Muhammad Aurangzeb, there is no justification for the Pakistani rupee to depreciate beyond the typical range of 6% to 8% witnessed in a normal year. The last currency devaluation occurred in January 2023.
