Gold price plunges by Rs2,000 per tola in Pakistan

• Gold price declines Rs2,000 per tola to settle at Rs132,300.
• Decline comes after rupee posts smart recovery against the US dollar. 
• Silver price in the domestic market remains unchanged.

KARACHI: Gold lost its shine, as it declined by Rs2,000 per tola (11.66 grams) to Rs132,300 in Pakistan on Friday in line with the trend in the global markets following a smart recovery of the rupee.

The price of 10 grams of gold declined by Rs1,715 to settle at Rs113,426.

The correction in gold was overdue since long as political uncertainty had caused panic everywhere and people were relocating their capital to buying gold, as some regulations had made it difficult to buy dollars for everyone.

A day earlier, gold spiked to a new peak (Rs134,300 per tola) driven by the rupee devaluation.

It had maintained an uptrend for the past three successive working days in the domestic market androse by Rs3,100 in the three days (Tuesday-Thursday).

In the international market, the price of yellow metal recorded a meagre gain of $6 per ounce to settle at $1,933.

Gold rates in Pakistan are around Rs5,000 below the cost compared to the rate in the Dubai market. Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 and Rs1,303.15 today.