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      Rahul Gandhi criticizes Modi’s handling of relations with China

      Rahul Gandhi criticizes Modi’s handling of relations with China

      Chinese fans welcome ‘Comrade Musk’

      Chinese fans welcome ‘Comrade Musk’

      Syrian refugee becomes mayor of German village

      Syrian refugee becomes mayor of German village

      China declines US invitation for meeting in Singapore

      China declines US invitation for meeting in Singapore

      Shanghai records hottest May day in 100 years

      Shanghai records hottest May day in 100 years

      Erdogan launches new attack against Turkey’s LGBTQ Community

      Recep Tayyip Erdogan pays homage to his executed Islamic predecessor

      Earthquake jolts different parts of Punjab and KP

      Japan: Earthquake hits coast east of Tokyo

      Tipu Sultan bedchamber sword sold for $17.4 million

      Tipu Sultan bedchamber sword sold for $17.4 million

      Wall Street debt payments at risk of default

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      Meeting with Bilawal Bhutto demonstrates Pak-China close ties, Zhao Lijian

      Pakistan to develop its economy with great potential, Zhao Lijian

      OGRA reduces prices of LPG for June 2023

      OGRA reduces prices of LPG for June 2023

      Govt trying to put inflation burden over rich class, Dr. Aisha Ghaus

      Minister termes IMF mission chief’s statement as “interference”

      Ishaq Dar to lead high-ranking delegation for meetings with IMF, WB

      Govt shares budget proposal with IMF for review

      Ishaq Dar confirms to return Pakistan in July

      Islamic finance potentially able to address challenges of poverty, Dar

      US Ambassador calls on Finance Minister Ishaq Dar

      US Ambassador calls on Finance Minister Ishaq Dar

      World Bank approves $213 million in financing for Balochistan

      World Bank approves $213 million in financing for Balochistan

      OGRA takes action against illegal sale of petroleum products

      OGRA takes action against illegal sale of petroleum products

      Ishaq Dar to lead high-ranking delegation for meetings with IMF, WB

      Successfully conclude tasks pertaining to IMF, Ishaq Dar

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      Hate against Muslims becomes fashionable in India, Naseeruddin Shah

      Hate against Muslims becomes fashionable in India, Naseeruddin Shah

      Ranbir to replace Salman Khan in Aamir Khan’s ‘Campeones’ remake

      Ranbir to replace Salman Khan in Aamir Khan’s ‘Campeones’ remake

      Highly-anticipated movie ‘Adipurush’ continues to make waves

      Highly-anticipated movie ‘Adipurush’ continues to make waves

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      Arooj Aftab ignites social media debate on cultural labelling

      Music star Salman Ahmed condemns May 9 vandalism

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      Celebrities, renowned personalities pay homage to martyrs

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      No need to nullify NAB laws, Supreme Court

      PTI to return assembly if wants amendments in NAB laws, SCP

      IK including Bushra Bibi declares his assets including

      Imran Khan spend Rs900 m at Prime Minister Office between 2019 to 2021

      Peru sentences ex-president to 1.5 years in prison

      Peru sentences ex-president to 1.5 years in prison

      ISLAMABAD: Police mobile crushes Mother, Daughter to death

      ISLAMABAD: Police mobile crushes Mother, Daughter to death

      ECP unanimously finds PTI guilty of receiving prohibited foreign funds

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      Voice of Sindh
      Home BUSINESS

      Gold price drops slightly in Pakistan

      Rate of gold in the international market fluctuates amid uncertainty around US debt ceiling

      Web Desk by Web Desk
      in BUSINESS, FINANCE
      Reading Time: 2 mins read
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      As the rate of gold in the international market fluctuates amid uncertainty around the United States debt ceiling, the price of the safe-haven bullion fell again in Pakistan on Tuesday.

      Data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the rate of gold (24 carats) decreased by Rs2,000 per tola and Rs1,714 per 10 grams to settle at Rs233,100 and Rs199,846, respectively,

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      The international rate went down $9 to reach $2,006 per ounce. Consequently, the domestic rate also decreased. The US Congress is yet to raise the federal debt ceiling, which is currently capped at $31.4 trillion. Treasury Secretary Janet Yellen has warned that unless the debt ceiling is raised, the Treasury would run out of cash to pay government bills through June 1, triggering the first-ever US default.

      She has also said that it would unleash an “economic and financial catastrophe” for the US and global economies. Meanwhile, gold has been on an uptrend in Pakistan recently due to several factors — economic and political turmoil, high inflation, and currency depreciation. People prefer to buy the yellow metal in such times as a safe investment and a hedge.

      The safe-haven bullion had reached an all-time high of Rs240,000 per tola on May 10 following increased political uncertainty after Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan’s arrest. It dropped later in line with the decline in the international rate.

      The jewellers’ body also said that local gold was “overcost” by Rs3,500 per tola in Pakistan compared to the Dubai bullion market. Data shared by the association showed the price of silver also decreased by Rs50 per tola and Rs42.86 per 10 grams to settle at Rs2,950 and Rs2,529.14, respectively. 

      Tags: Gold pricepakistan

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      Voice of Sindh is an initiative designed to uncover the untold stories of Sindh. It aims to preserve and promote the diverse culture, heritage, history, and traditions that make Sindh the bastion of pluralism and progress.

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