Thursday, June 01, 2023
KARACHI: The gold prices in Pakistan took a sharp decline as the local currency massively 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), the price of gold (24 carats) declined by Rs5,400 per 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 rose by 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.