KARACHI: Gold has continued to lose its shine for the fifth consecutive session in the wake of rupee appreciation in Pakistan against the US dollar, ARY News reported on Thursday.
According to All Sindh Sarafa Jewellers Association, the per tola price of 24 karat gold decreased by Rs3,300 and was traded at Rs194,700 against sale at Rs198,000 the last trading day.
The price of 10 grams of 24 karat gold also decreased by Rs2,829 to Rs166,924, whereas that of 10 grams of 22 karat declined to Rs153,014 from Rs155,607.
Moreover, the price of one tola silver decreased by Rs.40 to Rs.2130 whereas that of ten gram silver declined by Rs34.29 to Rs.1,826.
The price of gold in the international market increased by US$2 to US$ 1882 as compared to its sale at US$1,980 on the last trading day.
Read More: Gold loses shine in Pakistan as prices fall by Rs2,000 per tola
Meanwhile, the Pakistani rupee (PKR) recovered for the second consecutive day against US dollar after the finance minister announced that matters with IMF for the revival of loan programme would be settled today.
According to the State Bank of Pakistan (SBP), the local currency closed at Rs270.51 per dollar in the interbank market, an appreciation of Rs2.82 from yesterday’s close of Rs273.33.
Finance Minister Ishaq Dar Thursday said that talks with the International Monetary Fund (IMF) are “on track” and matters with the lender related to the loan programme were expected to be settled today.
Read More: PAKISTAN’S TALKS WITH IMF LIKELY TO FINALIZE TODAY
“We will give you good news very soon,” the finance minister said in response to a question after addressing a road safety conference in Islamabad.
