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Gold prices ease amidst economic chaos in Pakistan

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Gold prices decrease

The price of gold declined in Pakistan, even though there was a small increase in the global market, as reported by ARY News on Monday.

According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of one tola of gold (which is about 11.66 grams and used as a unit in South Asia) dropped by Rs1,500 to reach Rs233,000.

The cost of 10 grams of gold decreased by Rs1,286 and settled at Rs99,760.

In the worldwide market, the price of gold went up by only $1 and settled at $1,915 per ounce.

The price of gold has been unstable in Pakistan lately due to ongoing political upheaval and economic turmoil, along with high inflation.

At the start of the month, gold prices hovered near a three-week low. This was due to encouraging data about job growth in the US private sector, which eased concerns about a potential economic downturn. This positive news led to the idea that the central bank could raise interest rates to manage the economy, causing the value of the dollar and government bond returns to rise. These insights were reported by Reuters.

The price of gold that is available immediately (known as “spot gold”) didn’t really change much, staying at $1,936.07 for every ounce, according to the time at 0741 GMT. This was after it had reached its lowest level since July 11. On the other hand, the price of gold that is set for the future in the US (referred to as “U.S. gold futures”) went down by 0.2% to $1,971.90.

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