Gold sheds Rs5,000 in line with global trend

Rupee appreciates 11 paisa; inflows under Roshan Digital Account reach $9.2b

KARACHI:

Gold prices dropped significantly on Friday, mirroring a decline in international rates, and settled at Rs277,800 per tola with a decrease of Rs5,000.

Similarly, the price for 10-gram gold fell Rs4,286 to Rs238,169, as per the rates provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).

The drop followed an increase of Rs2,300 per tola on Thursday. Meanwhile, the international bullion rate declined on Friday, with APSGJA reporting it at $2,666 per ounce after a decrease of $50.

"The market underwent another correction," stated Adnan Agar, Director at Interactive Commodities. He noted that in the international market, gold briefly hit the low of $2,662 before stabilising around $2,670.

The market anticipates a further decline to $2,655, where it may find support. Agar added that the upcoming US monetary policy announcement was expected to influence the market.

Meanwhile, Pakistan's Roshan Digital Account (RDA) received gross inflows of $9.2 billion by November 2024, reflecting a month-on-month increase of $186 million. This milestone highlights the growing confidence of overseas Pakistanis in this initiative, which offers them a convenient way to invest and participate in Pakistan's economy.

Out of the total funds, $1.7 billion was repatriated by the account holders, said AHL Research Head Sana Tawfiq. Additionally, a significant portion, amounting to $5.8 billion, was utilised locally, contributing directly to economic activities in the country.

As of November 2024, the net repatriable liability stood at $1.6 billion, up $60 million compared to the previous month.

During the day, the Pakistani rupee saw a slight gain of 0.04% against the US dollar in the inter-bank market. By the close of trading, the rupee stood at 278.12, up 11 paisa.

On Thursday, the local currency had closed at 278.23, according to the State Bank of Pakistan.