Gold price in Pakistan drops for fifth consecutive day

KARACHI: Gold price in Pakistan continued its downward spiral for the fifth consecutive day on Friday as rupee maintained its recovery against the US dollar, ARY News reported.

According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the domestic price of the yellow metal (24 karat) lost Rs4,000 per tola and Rs3,430 per 10 grams to settle at Rs212,500and Rs182,184, respectively.

In five days, gold price in Pakistan has plummeted by Rs26,600 per tola.

In the international market, the price of the precious metal increased by $2 to $1,923 per ounce.

It is pertinent to mention here that the Pakistani rupee continued its upward trajectory against the US dollar in the interbank and open market.

According to the State Bank of Pakistan (SBP), the rupee rose by Rs1.99 in the interbank market to close at Rs302.95 from the preceding close of Rs304.94.

According to the Forex Association of Pakistan, the dollar was being traded at Rs305 in the open market.

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.

A day earlier, Gold price continued to decline in Pakistan in line with the international market.

The price of gold (24 carats) fell by Rs5,800 per tola and Rs20,000 per 10 grams to settle at Rs216,500 and Rs170,586, respectively.