LAHORE MIRROR — The gold rate continued to decline in Pakistan Monday after losing Rs1,100 per tola cumulatively last week.
Data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed the rate of gold (24 carats) decreased by Rs1,700 per tola and Rs1,457 per 10 grams to reach Rs234,500 and Rs201,046, respectively.
Meanwhile, the international rate settled at $1,945 per ounce after losing $1.
The safe-haven bullion traded in a tight range in the international market as US Democrats and Republicans reached an agreement to raise the federal debt ceiling, which averted the first-ever US default.
Separately, recent data suggested that the US Federal Reserve would raise the interest rate for the 11th consecutive time in June, which led to a jump in the US dollar’s value. Both factors negatively impacted the gold rate.
SOURCE: GEO NEWS
