Gold prices in Pakistan continue to drop

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The per tola rate of 24 karat gold decreased by Rs 1,400 and was sold at Rs 239,600 on Friday compared to its sale at Rs 241,000 on last trading day.

The price of 10 grams of 24 karat gold also decreased by Rs 1,201 to Rs 205,418 from Rs 206,619 whereas the prices of 10 gram 22 karat gold went down to Rs 188,300 from Rs 189,400, the All Sindh Sarafa Jewellers Association reported.

The price of per tola and ten gram silver remained constant at Rs.2,620 and Rs 2,254.80 respectively. The price of gold in the international market decreased by $11 to $2,297 from $2308, the association reported.

On the other hand, the total foreign reserves of Pakistan reached $13,316 million while foreign reserves held by the State Bank of Pakistan stood at $8,006 million in the week ended on April 26, 2024.

The SBP, in a statement issued here on Thursday, informed that foreign reserves held by the central bank increased by $ 25 million to $ 8,006 million during the week under review.

Meanwhile, net foreign reserves held by commercial banks were recorded $5,310 million, it added. Total liquid foreign reserves held by the country, in the previous week ended on April 19, 2024, were $13,280.5 million.

Among them foreign reserves held by the central bank were $7,981.2 million while net foreign reserves held by commercial banks were $ 5,299.3 million.

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