Gold prices sharply fall as rupee shows rich recovery
Price of gold (24 carats) declines by Rs5,400 per tola and Rs4,629 per 10 grams
- Rate of gold reaches Rs229,000 per tola.
- International rate settles at $1,967 per ounce.
- Price of silver also declines to Rs2,750 per tola.
KARACHI: The gold prices in Pakistan took a sharp decline as the local currencymassively appreciated against the dollar in the open market on Thursday.
According to the data issued by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), theprice of gold (24 carats) declined by Rs5,400per tola and Rs4,629 per 10 grams to reach Rs229,000 and Rs196,331, respectively.
The international rate went up $4 to settle at $1,967 per ounce.
The fall in the precious metal’s value was in line with the rupee’s upward movement in the open market, with the dollar falling by Rs27.
"This is for the first time in Pakistan that the dollar rate has fallen by Rs27," Malik Bostan, Chairman Exchange Companies Association of Pakistan (ECAP) said.
Meanwhile, the rupee gained 0.03% in the interbank market to close at Rs385.38 against the greenback.
A day earlier, the yellow metal roseby Rs1,600 per tola after declining by Rs1,700 per tola for the last two days.
Meanwhile, the gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, high inflation, and currency depreciation. People prefer to buy yellow metal in such times as a safe investment and a hedge.
Data shared by the jeweller's body showed that the rate of silver declined by Rs50 per tola and Rs42.87 per 10 grams to reach Rs2,750 and Rs2,357.68, respectively.