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Gold price in Pakistan falls by more than Rs4,000 per tola

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  • Gold settles at Rs200,000 per tola.
  • Silver falls Rs20 per tola.
  • Bullion registers losses for third session.

Gold prices in Pakistan witnessed a steep decline on Tuesday amid ongoing economic uncertainty in the country and continuous fluctuation in the local currency.

According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs4,300 per tola and Rs3,686 per 10 grams to settle at Rs200,000 per tola and Rs171,468 per 10 grams, respectively.

This is the third straight decline in the precious commodity’s price — which fell Rs200 per tola on Monday and Rs4,000 per tola on Friday. The yellow metal market was mostly bullish last week.

However, as Pakistan imports gold, the precious commodity might get dearer as the State Bank of Pakistan-held reserves stand at a record low of $3,086.2 million, enough to cover imports of less than one month.

Investors were, however, purchasing only gold bars, not jewellery, which had not only reduced goldsmiths’ profit margins but the labour force was also at the stake of losing jobs, as jewellery makers were moving towards other professions in absence of work.

In the international market, gold rose for a second consecutive session helped by a softer dollar after recent sharp losses, while traders awaited more economic data to gauge its likely influence on US interest rates.

Spot gold was up 0.4% to $1,875.36 per ounce by 0940 GMT, after hitting its lowest level since January 6 on Monday.

Meanwhile, silver prices in the domestic market decreased Rs20 per tola and Rs17.14 per 10 grams to settle at Rs2,230 and Rs1,911, respectively.

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The government is about to unleash another gasoline bomb on citizens beaten by inflation

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governmentThe price of petroleum products is anticipated to rise by the Federal Government starting on July 16. The price of gasoline is anticipated to rise by Rs7.67 per litre, the price of high-speed diesel by Rs3.72 per litre, and the price of kerosene by Rs2.73 per litre.

The people have informed me that a proposal to increase the petroleum levy has been created and is pending final clearance from Prime Minister Shehbaz Sharif.

After speaking with the premier, it is expected that the Ministry of Finance will declare the revised petroleum product prices tonight.

Petroleum product prices have recently surged due to rising global oil prices and Pakitsan’s adjustment of the petroleum levy in response to the International Monetary Fund’s (IMF) adamant demands, which forced the country to raise the petroleum development levy in the Finance Bill to Rs70 per litre.

Noteworthy is the fact that on July 1, the authorities also dropped a gasoline bomb.

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Positive Trend at PSX With a 1361-Point Gain for the KSE 100-Index

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In the first few hours of trading, the Pakistan Stock Exchange sees a bullish trend as the KSE 100-Index rises 1361 points, bringing the stock market to over 81,300 points.

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Significant surge in the price of gold in Pakistan

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On Friday, the price of gold in Pakistan continued to increase.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold per tola has risen by Rs2,200, reaching Rs249,000.

The price of 10-gram 24-karat gold increased by Rs1,886, reaching a total of Rs213,477. On Thursday, the cost of 10 grammes of 22-karat gold was Rs195,687.

The global gold market likewise had a rising trajectory. As per APGJSA, the worldwide rate was $2,404 per ounce, showing a decline of $24 during the course of the trading day.

The local market witnessed constant silver prices at Rs2,900 per tola.

Market observers attribute the increase in gold prices to other variables, such as volatility in the global market, currency exchange rates, and economic conditions. The ongoing surge in gold prices is likely to impact investment choices and consumer behaviour in the near future.

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