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Gold price drops to Rs120,650 in Pakistan

— Reuters/File
— Reuters/File
  • Bullion prices recorded a decrease of Rs3,550 per tola and Rs3,043 per 10 gram today.
  • The price increased by $13 per ounce to around $1,802 in the international market.
  • Gold rates in Pakistan are around Rs3,500 below cost compared to the gold rate in the Dubai market.

KARACHI: Gold prices fell in the local market on Thursday as a strengthening rupee against the dollar weighed on the yellow metal.

Gold prices in the local bullion market fell by Rs3,550 per tola and Rs3,043 per 10 gram today to reach Rs120,650 and Rs103,438 amid rising prices in the international markets.

The precious commodity closed at Rs124,200 per tola and Rs106,481 per 10 grams on Wednesday.

It recorded an increase of $13 per ounce to around $1,802 in the international market, according to All Sindh Saraf Jewellers Association (ASSJA).

Earlier, speaking to, AA Commodities Director Adnan Agar had said the precious commodity is under double pressure due to massive appreciation in the local currency and uncertainty in global markets.

“Locally, the price of the yellow metal is expected to flow with the value of the currency,” he had predicted.

The Pakistani rupee strengthened, recovering to Rs172.26 against the US dollar in the inter-bank market as Saudi Arabia had announced that it was depositing $3 billion in the State Bank of Pakistan (SBP) to help support its foreign reserves.

Gold hit an all-time high of Rs132,000 per tola in Pakistan on Tuesday because of a significant depreciation of the rupee against the US dollar.

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Gold was attracting safe-haven investment since last week 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.

During the period from October 18-26, the price of gold surged Rs14,000.

It is pertinent to mention that gold rates in Pakistan are around Rs3,500 below cost compared to the gold rate in the Dubai market.

Meanwhile, silver prices in the domestic market recorded a decrease of Rs20 per tola and Rs17.15 per 10 grams to settle at Rs1,460 per tola and Rs1,251.71 per 10 grams today.

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