Gold prices drop by Rs5,550 per tola for third week

Gold prices in the country eased by Rs5,550 (-2.44 percent) per tola last week, falling for the third straight week, while gold prices in the international bullion markets edged lower by 0.13 percent after rising for two consecutive weeks.

The gold rate in Pakistan for a single tola of 24-karat on a week-on-week (WoW) basis fell to Rs221,700 from Rs227,250, according to the data provided by All Pakistan Sarafa Gems and Jewellers Association.

Similarly, the gold rate for 10 grams of 24-karat dipped to Rs190,070 from Rs194,830 on WoW basis, showing a decrease of Rs4,760. Likewise, the gold rate for 10 grams of 22-karat fell to Rs174,230 from Rs178,600.

As far as Pakistan rupee-US dollar parity is concerned, as gold is valued in USD, the local unit depreciated 0.09 percent against the greenback in the interbank market on a week-on-week basis. According to the figures shared by the central bank, the rupee fell from 286.93 to 287.19 against the greenback. However, the rupee surged 2.68 percent against the US dollar in the open market and improved from the range of Rs302-305 to Rs294-297.

In global markets, the gold price inched down to $1,958.20 from $1,960.70 per ounce, showing a weekly decline of $2.5 (-0.13 percent) for the first time in three weeks.