Gold prices fell in Pakistan on Tuesday after a drop in international bullion rates. In the global market, gold slid by $11 per ounce to settle at $3,339.
Following this, the local bullion market recorded a decline, with the price of 24-carat gold decreasing by Rs1,100 per tola to Rs356,600.
The price of 10 grams of gold also dropped by Rs943 to Rs305,727.
In contrast, silver prices remained unchanged, with per tola holding steady at Rs4,031 and 10 grams at Rs3,455.
Read: Gold prices surge despite rupee stability
Earlier on Monday, the Pakistani rupee appreciated 0.01% against the US dollar. The inter-bank closing rate was Rs282.02 per dollar, compared to Rs282.06 on Friday, the State Bank of Pakistan (SBP) reported.
Though minimal, this appreciation indicates some currency stability, which partly cushioned the impact of rising global gold prices on local rates.
SBP to launch new payment system
Meanwhile, the SBP will launch its upgraded payment and settlement system, PRISM+, today, August 19. Governor Jameel Ahmad will lead the ceremony, joined by senior SBP officials, financial institutions, and stakeholders.
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