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Gold price drops by Rs1,300 per tola in Pakistan

— AFP/File
— AFP/File
  • Bullion price settles at Rs117,300 per tola and Rs100,566 per 10 grams in the local market.
  • Cumulatively, the precious commodity has lost around Rs14,700 during the last four days.
  • Silver prices in the domestic market remained unchanged.

KARACHI: Gold price continued to register losses on Saturday in the domestic market as a sharp recovery in rupee-dollar parity during the week made bullion less expensive for holders of the local currency.

Gold prices in the local bullion market lost Rs1,300 per tola and Rs1,114 per 10 grams to settle Rs117,300 per tola and Rs100,566 per 10 grams.

The precious commodity closed at Rs118,600 per tola and Rs101,680 per 10 grams on Friday.

Local dealers are, however, not satisfied with the decline in gold prices as they believe that this will not affect the demand for gold due to a lack of purchasing power.

Cumulatively, the precious commodity has lost around Rs14,700 during the last four days.

According to All Sindh Saraf Jewellers Association (ASSJA), it recorded a decrease of $11 per ounce to around $1,783 in the international market.

Earlier, gold was attracting safe-haven investment because investors, who used to pour money into foreign currencies, particularly in the US dollar to avoid the impact of inflation, were buying gold because the government and the central bank have tightened regulations about the purchase of foreign currencies in the open market.

It is pertinent to mention that the gold rates in Pakistan are around Rs2,000 below cost compared to the gold rate in the Dubai market.

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Meanwhile, silver prices in the domestic market remained unchanged at Rs1,440 per tola and Rs1,234.56 per 10 grams.

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