Gold price declines by Rs1,850 per tola in Pakistan

• Gold price of settles at Rs145,300 per tola.
• Decline was in line with the dealers' expectation.
• Silver prices in the domestic market remain unchanged.

KARACHI: In line with its last day’s momentum, gold price in Pakistan plunged by Rs1,850 per tola to settle at Rs145,300 on hopes that the economic situation in the country will improve after progress in talks with the International Monetary Fund (IMF).

The decline was in line with the dealers' expectation of the market to undergo a correction after scaling to new peaks in previous sessions.

According to All Sindh Sarafa Jewellers Association (ASSJA), the price of gold settled at Rs145,300 per tola. While the price of 10 grams of gold declined by Rs1,586 to settle at Rs145,300.

Technically, gold is still very much biased to clock new highs as the Pakistani rupee continues to explore new depths. Momentum is showing no signs of cooling and any pullback would ideally trigger fresh buying interest.

In the international market, the price of a yellow metal gained $6 per ounce to settle at $1,839.

Gold rates in Pakistan are around Rs4,500 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,560 and Rs1,337.44 today.