Gold prices dropped slightly in both international and local markets, ending a three-day upward trend. In the global bullion market, the price of gold fell by $3 to $3,397 per ounce. This decline directly impacted Pakistan’s domestic gold rates.
According to market data, the price of gold in Pakistan dropped by Rs300 per tola, settling at Rs362,400. Similarly, the rate for 10 grams of gold fell by Rs257 to Rs310,699. Silver prices also declined, with a Rs9 drop per tola, reaching Rs4,064. The price of 10 grams of silver decreased by Rs7 to Rs3,484.
Meanwhile, the Pakistani rupee strengthened against the US dollar during the same period. A potential Eurobond issue, strict action against dollar smuggling, and falling crude oil prices helped boost the rupee’s value. July’s 7.4% rise in remittances and improved trade relations with the US also supported the currency.
The dollar’s open market rate dropped below Rs285, while in the interbank market, it closed at a two-and-a-half-month low. The interbank rate fell by Rs0.25 to Rs282.46. Other major currencies like the pound and euro also dropped sharply, while the rupee gained slightly against the Saudi riyal and UAE dirham.
However, in the open market, the pound and euro reversed course, gaining Rs3.96 and Rs1.70 respectively. Overall, markets reflected a positive shift in sentiment, backed by strong forex inflows and better trade dynamics. Traders now look ahead to further economic developments in the coming weeks.