Gold prices slip in Pakistan as govt affirms economic growth

• Gold price plunges by Rs2,200 per tola. 
• Price settles Rs157,400 per tola.
• Gold is cheaper by Rs3,500 per tola compared to its price in Dubai.

KARACHI: Gold prices slipped on Monday as the government’s stance on economic growth dimmed the metal's appeal, with additional pressure from a rebound in local currency.

Data released by the All Sindh Saraf and Jewellers Association (ASSJA) showed that the price of gold, considered a safe haven, plunged by Rs2,200 per tola and Rs1,886 per 10 grams to settle at Rs157,400 and Rs134,945 in the local market.

It should be noted that the gold price is standing below cost. Gold is cheaper by Rs3,500 per tola compared to its price in Dubai.

The latest price for local markets was determined to keep in view the prices at which trades took place among buyers and sellers.

In the international market, bullion prices increased by $7 per ounce to settle at $1,774 as the dollar softened, while investors awaited more economic readings that could determine the pace of the US Federal Reserve’s interest rate hikes.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,630 per tola and Rs1,397.46 per 10 grams today.