Today's gold calculated at PKR 294.8 per USD in domestic bullion

By MG News | September 08, 2023 at 09:51 PM GMT+05:00

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September 08, 2023 (MLN): In today's domestic bullion session, 24-karat gold was priced at Rs212,500 per tola, calculated at a rate of PKR 294.77 per USD. In contrast, in the open market, Exchange Companies (ECs) quoted the dollar at 301 for buying and 305 for selling.

This significant disparity between the rates provided by ECs and those considered by bullion traders highlighted the prevailing sense of panic in the Kerb market.

Clearly, market participants are anticipating another significant drop in the value of the US dollar against the Pakistani Rupee (PKR) in the coming days.

Today was the fifth straight session when the demand for yellow metal dented significantly in the domestic bullion, reaching Rs212,500 per tola compared to its latest high of Rs239,800 on August 31, 2023.

This drop is mainly attributed to PKR’s gaining streak against the mighty US dollar on the back of government measures to curb illicit activities in the kerb market.

Date	Spot Gold Close ($)	Converted Gold price per Tola (Rs)	Actual Price (Rs)	USD/PKRK	Actual Rate of conversion	Difference
9/8/2023	1922.4	216,991	212,500	301	294.77	6.23
9/7/2023	1916.64	218,497	216,500	304	301.22	2.78
9/6/2023	1926.53	223,959	222,300	310	307.70	2.30
9/5/2023	1938.34	232,601	232,800	320	320.27	-0.27
9/4/2023	1940.06	240,810	239,100	331	328.65	2.35
8/31/2023	1943.17	233,909	239,800	321	329.08	-8.08

Note: International spot gold price is close price, not weighted average.

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