Thursday May 19, 2022
KARACHI: The price of gold in Pakistan receded on Thursday as investors sought cover from a continuous decline in local currency.
The precious commodity fell by around Rs50 per tola and Rs43 per 10 grams to settle at Rs138,350 and Rs118,613, respectively.
In the last four sessions (Saturday-Wednesday), the gold price had surged by a total of Rs3,000.
Gold has emerged as a safe asset during the ongoing economic crisis and people have been aggressively buying gold to protect their cash from deflation.
The drop in the rupee value — which slumped to an all-time low of 200 against the US dollar in the interbank market — pushed the precious commodity to surge to a historic high of Rs138,400 on Wednesday.
In the international market, the price of yellow metal recorded a significant increase by $14 per ounce to settle at $1,830.
Gold rates in Pakistan are around Rs1,500 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,570 and Rs1,346.02 today.