Gold prices further decrease in Pakistan
February 25, 2023 07:05 PM
Gold prices edged lower on Saturday and were set for a second straight weekly drop, reported 24NewsHD TV channel.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association showed that the price of gold (24 carats) declined by Rs1,000 per tola and Rs858 per 10 grams to settle at Rs194,100 and Rs166,409, respectively.
Cumulatively, the precious commodity lost Rs1,900 per tola during the week ending February 25.
Meanwhile, silver prices in the domestic market fell by Rs20 per tola and Rs17.15 per 10 grams to settle at Rs2,080 per tola and Rs1,783.26 per 10 grams, respectively.
In the international market, the gold price slipped by $8 per ounce to settle at $1,810 — its lowest in eight weeks — pushed down by a stronger dollar and bond yields as the market braced for more interest rate hikes by the US Federal Reserve in the coming months.