- Gold prices dropped by Rs6,800/tola and Rs5,829/g grammes on Monday.
- The yellow metal recorded a decline of $2/ounce in the international market as it dropped to $1,640/ounce.
- The price of silver remained unchanged at Rs1,570/tla and Rs1,.1,346/10 grammes.
KARACHI: Gold declined Rs6,800 to reach 143,300/tola on Monday as the dollar strengthened in the international market following a hike in the interest rate by the US Federal Reserve besides an increase in the value of the rupee.
Gold 24kt declined by Rs6,800/tola and Rs5,829/10 grammes to hit Rs143,300/tola and Rs122,857/10 grammes, respectively.
The yellow metal witnessed a drop of Rs3,750/tola on Saturday, September 24, 2022. Gold has weakened by Rs10,550/tola in the past two consecutive sessions.
On a global stage, the gold prices were recorded at $1,640/ounce on Monday, pulled down by a firmer dollar and as major central banks adopted an aggressive stance on interest rates.
The prices of the yellow metal recorded a decline of $2/ounce in the international market as it dropped to reach $1,640/ounce.
The price of silver remained unchanged at Rs1,570/tola and Rs1,346/10 grammes. The international silver prices were recorded at $18.70/ounce on Monday.
Gold prices have fallen more than $400, or over 20 per cent, since scaling above the key $2,000/ounce level in March as major central banks raised interest rates sharply to tame soaring inflation.
The US central bank and a number of other major central banks raised interest rates last week, triggering concerns over its impact on growth.
Last week, the US central bank hiked the interest rates by 75 basis points and signalled more increases are to come.
On the local front, the rupee has recovered against the dollar at the interbank foreign exchange market, following the news of Ishaq Dar becoming the new finance minister of Pakistan.
The local unit gained Rs2.63 against the dollar to reach Rs237.02 from Friday’s closing of Rs239.65/dollar.
The market sentiments got a boost as Dar, known for keeping the rupee overvalued against the dollar, will likely take charge of the finance ministry after Miftah Ismail officially tenders his resignation.
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