{"id":333908,"date":"2023-05-28T08:52:02","date_gmt":"2023-05-28T03:52:02","guid":{"rendered":"https:\/\/leadpakistan.com.pk\/news\/?p=333908"},"modified":"2023-05-28T08:52:02","modified_gmt":"2023-05-28T03:52:02","slug":"gold-rate-drops-by-rs1100-per-tola-in-outgoing-week","status":"publish","type":"post","link":"https:\/\/leadpakistan.com.pk\/news\/gold-rate-drops-by-rs1100-per-tola-in-outgoing-week\/","title":{"rendered":"Gold rate drops by Rs1,100 per tola in outgoing week"},"content":{"rendered":"<p> Islamabad<br \/>\nThe value of gold fluctuated throughout the outgoing week in both the international and domestic markets as traders awaited clarity on the US debt ceiling as well as future interest rate direction from the Federal Reserve.<br \/>\nAccording to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) increased by Rs450 per tola and Rs385 per 10 grams to reach Rs236,200 and Rs202,503, respectively.<br \/>\nCumulatively, the domestic rate dropped by Rs1,100 this week.<br \/>\nMeanwhile, the price of gold declined by $6 in the international market to settle at $1,946 per ounce.<br \/>\nUS Democrats and Republicans are putting the final touches to a last-minute deal to raise the federal debt limit for two years.<br \/>\nIf the debt ceiling \u2014 which is currently capped at $31.4 trillion \u2014 is not raised, it would trigger the first-ever US default.<br \/>\nBesides this, international traders are also expecting the Federal Reserve to hike the interest rate for the 11th consecutive time in June after US inflation clocked in higher than the 2% target. High interest rates negatively affect gold\u2019s value.<br \/>\nSeparately, the domestic price of gold has remained volatile due to a number of factors, including 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.<br \/>\nThe jewellers\u2019 body also said that local gold was \u201covercost\u201d by Rs1,300 per tola in Pakistan compared to the Dubai bullion market. This means that, at present, the Pakistani gold market is more expensive than the world market.<br \/>\nData shared by the association showed the price of silver remained unchanged at Rs2,900 per tola and Rs2,486.28 per 10 grams, respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad The value of gold fluctuated throughout the outgoing week in both the international and domestic markets as traders awaited clarity on the US debt ceiling as well as future interest rate direction from the Federal Reserve. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) increased [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":304711,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-333908","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gold rate drops by Rs1,100 per tola in outgoing week<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadpakistan.com.pk\/news\/gold-rate-drops-by-rs1100-per-tola-in-outgoing-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold rate drops by Rs1,100 per tola in outgoing week\" \/>\n<meta property=\"og:description\" content=\"Islamabad The value of gold fluctuated throughout the outgoing week in both the international and domestic markets as traders awaited clarity on the US debt ceiling as well as future interest rate direction from the Federal Reserve. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the rate of gold (24 carats) increased [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/leadpakistan.com.pk\/news\/gold-rate-drops-by-rs1100-per-tola-in-outgoing-week\/\" \/>\n<meta property=\"og:site_name\" content=\"Daily Lead Pakistan\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/DailyLeadPak\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-28T03:52:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/leadpakistan.com.pk\/news\/wp-content\/uploads\/2023\/01\/12.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"731\" \/>\n\t<meta property=\"og:image:height\" content=\"577\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Web Desk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@DailyLeadPak\" \/>\n<meta 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