It has lost Rs17,700 per tola in last four sessions.
Silver prices remain unchanged.
KARACHI: The price of gold in the domestic market fell by Rs1,300 per tola and Rs1,115 per 10 grams on Friday in line with the performance during the week.
Domestic gold prices settled at Rs141,900 per tola and Rs121,656 per 10 grams owing to the constant appreciation of the Pakistani rupee against the US dollar.
A day earlier, gold prices in the local bullion market plunged by Rs2,100 per tola and Rs1,800 per 10 grams to reach Rs143,200 per tola and Rs122,771 per 10 grams.
Cumulatively, the price of gold plummeted by Rs17,700 per tola in the last four sessions (Monday-Friday).
A significant recovery of the Pakistani rupee against the US dollar during the week dimmed the shine of the yellow metal.
Speaking to Geo.tv, a gold dealer said that the price decline in the currency movement. Moreover, a decline in the international oil prices also triggered the downtrend, as according to the market analysis, both commodities move in the same direction.
“Since the start of the week, investors have been on the sidelines because of the uncertain market situation,” he said, adding that the market is reacting to the tiniest of the news reports.
Another gold dealer had said that Pakistan remains a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the commodity locally.
Accordingly, the gold price for local markets is determined by keeping in view its prices in world markets, rupee-dollar exchange rate, and demand and supply in domestic markets.
The dealers had already anticipated the market to undergo a correction after the precious commodity scaled to new peaks. The gold hit an all-time high of Rs162,500 per tola on July 28.
It should be noted that the gold price is standing below cost. Gold is cheaper by Rs2,000 per tola compared to its price in Dubai.
The latest price for local markets was determined to keep in view the prices at which trades took place among buyers and sellers.
In the international market, bullion prices recorded a meagre gain by $1 per ounce to settle at $1,788 as tensions over Taiwan and lower US yields kept bullion on course for a third straight weekly gain.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,620 per tola and Rs1,388.88 per 10 grams today.
The deaths of four Pakistanis in a boat capsizing event close to the southern Greek island of Goudos have been verified by the Foreign Office.
The incident happened on Sunday and at least five illegal immigrants drowned as a result. According to Greek Coast Guards, 39 people were rescued after the wooden boat overturned, but 40 more are still unaccounted for.
According to a Foreign Office spokeswoman, the four Pakistani nationals were among those killed in the catastrophe. In order to help the remaining Pakistanis and repatriate the corpses of the deceased, the Pakistani Embassy in Athens has been in close communication with Greek authorities, she said.
Additional information was given by Aamir Aftab Qureshi, Pakistan’s ambassador to Greece, during a press conference. According to him, there were 80 Pakistanis on board the doomed boat, and efforts are still being made to find the people who are still missing.
He added that the overcrowding on the boat was a factor in the capsizing. There are worries over the safety of the missing people because a sizable portion of them are children. He stated that five boats carrying Pakistani nationals were traveling illegally from Libya.
The public was also informed by Ambassador Qureshi that the government will pay for the return flight of the accident victims’ bodies.
Approximately 450 Pakistanis, including 250 Zaireen, have successfully crossed into Lebanon from Syria, according to the spokesperson for the Foreign Office, Mumtaz Zahra Baloch.
During her weekly briefing at the foreign office in Islamabad, she stated that Pakistan is pleased with the resolution passed by the United Nations General Assembly on the Gaza Strip, which calls for an immediate ceasefire.
In addition, she expressed her satisfaction with the elimination of limits placed on UNRWA’s ability to carry out relief activities in the Gaza Strip and the West Bank.
It was stated by her that Pakistan is demanding an immediate cessation of hostilities in Palestine, an end to the genocide that is taking place in Gaza, the protection of civilians and civilian infrastructure, unrestricted access to humanitarian aid for those who are in urgent need, full support for the United Nations Relief and Works Agency (UNRWA) and its mandated humanitarian activities, and medical assistance for those who are in urgent need.
Moreover, she stated that Pakistan emphasises the need for the international community to hold Israel accountable for the war crimes and crimes against humanity that it has committed in occupied lands.
The Israeli aggression against Syria, the illegitimate acquisition of Syrian territory, and the massive devastation of Syrian infrastructure as well as civilian and military sites are all topics that Pakistan is extremely worried about, according to the spokesperson for Pakistan.
According to her, this attack on Syria’s sovereignty and territorial integrity is a serious violation of international law to the highest degree. By expressing our support for Syria’s sovereignty and territorial integrity, we are also expressing our opposition to the Israeli government’s attempt to acquire territory through coercion.
The resolution 497 of the United Nations Security Council, which declares the annexation of the Golan Heights by Israel to be null and illegal and to have no international legal impact, was reaffirmed by her organisation.