Gold rates in Pakistan have dropped further by Rs4,000 per tola on Friday. This is the fifth consecutive day of decline in gold prices. The drop in prices is attributed to the recovery of the Pakistani rupee against the US dollar. The price of per tola 24-carat gold settled at Rs212,500. The Pakistani rupee has been appreciating against the US dollar for the past three sessions, reaching 302.95 in the inter-bank market. In the open market, the rupee has also been performing well against the dollar, narrowing the gap with the inter-bank rate. This positive performance of the rupee is a key benchmark of the IMF’s Stand-By Arrangement. The Army in Pakistan has also pledged to assist the government in curbing illegal activities that hinder economic stability, growth, and investor confidence. The government’s actions against dollar smuggling and hoarding have contributed to the appreciation of the rupee. The price of 10-gram gold has also decreased by Rs3,430 to Rs182,184. In the international market, the price of gold has increased by $2 to $1,923 per ounce. Silver rates, however, remained unchanged at Rs2,650 per tola.
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