Gold prices fell in both international and domestic markets, following a dip in global bullion rates.
Market reports showed international gold prices dropped by USD 3, settling at USD 3,397 per ounce.
In Pakistan, the price per tola fell by Rs300 to Rs362,400, while 10 grams slipped by Rs257 to Rs310,699. Silver prices also declined, with per tola down Rs9 to Rs4,064 and 10 grams lower by Rs7 to Rs3,484.
Meanwhile, the Pakistani rupee strengthened against the US dollar last week, supported by expectations of new inflows from a potential Eurobond issue, a crackdown on dollar smuggling, and a significant drop in global crude oil prices.
Analysts credited the 7.4% rise in July remittances and improved trade ties with the United States for boosting market confidence. Better foreign exchange supply also helped meet external payment and import needs.
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 difference between interbank and open market rates narrowed to Rs2.44.
In the interbank market, the dollar fell Rs0.25 to Rs282.46, the pound dropped Rs7.19 to Rs379.86, and the euro decreased Rs6.68 to Rs329.37. The Saudi riyal and UAE dirham eased by Rs0.10 and Rs0.07, reaching Rs75.26 and Rs76.90 respectively.
In the open market, the dollar declined Rs0.40 to Rs284.90, the Saudi riyal fell Rs0.15 to Rs75.85, and the UAE dirham slipped Rs0.15 to Rs77.55. However, the pound gained Rs3.96 to Rs382.73, and the euro rose Rs1.70 to Rs332.20.