Gold prices fell in both global and domestic markets, tracking a decline in international bullion rates.
According to market data, the price of gold in the international bullion market dropped by USD 3 to USD 3,397 per ounce.
In the local market, gold prices fell by Rs300 per tola to Rs362,400, while the rate for 10 grams declined by Rs257 to Rs310,699.
Similarly, the price of silver per tola fell by PKR 9 to PKR 4,064, and the price of 10 grams of silver decreased by Rs7 to Rs3,484.
Separately, Pakistani rupee strengthened against the US dollar last week, supported by expectations of fresh inflows from a potential Eurobond issue, a crackdown on dollar smuggling, and a sharp drop in international crude oil prices.
Market participants said a 7.4% increase in July remittances and improved trade relations with the United States also bolstered sentiment.
A better foreign exchange supply enabled the fulfillment of external payment and import requirements.
The dollar’s open market rate slipped below Rs285, while in the interbank market, it closed at a two-and-a-half-month low.
The weekly gap between interbank and open market rates narrowed to Rs2.44.
In the interbank market, the dollar fell Rs0.25 to Rs282.46, the pound declined Rs7.19 to Rs379.86, and the euro dropped Rs6.68 to Rs329.37. T
he Saudi riyal and UAE dirham eased Rs0.10 and Rs0.07 to Rs75.26 and Rs76.90 respectively.
In the open market, the dollar fell Rs0.40 to Rs284.90, the Saudi riyal dipped Rs0.15 to Rs75.85, and the UAE dirham dropped Rs0.15 to Rs77.55.
However, the pound rose Rs3.96 to Rs382.73, and the euro gained Rs1.70 to Rs332.20.
