Gold prices continue to decline in Pakistan

ISLAMABAD: The gold prices continue to recover in Pakistan as one-tola reached Rs204,300 after witnessing a decline of Rs200 on Monday, ARY News reported.  

According to All Sindh Sarafa Jewellers Association, the per tola price of 24 karat gold decreased by Rs 200 and was traded at Rs204,300 against the sale of Rs204,500 on the last trading day.

The price of 10 grams of 24 karat gold also decreased by Rs172 to Rs 175,154, whereas that of 10 grams of 22 karat declined to Rs160,558 from Rs160,715.

Meanwhile, the price of one tola and ten-gram silver remained constant at Rs2,250 and Rs1,929 respectively.

The price of gold in the international market increased by US$5 to US$ 1,870 as compared to its sale at US$1,865 on the last trading day, the association reported.

Earlier on February 4, gold recorded its first drop of Rs4,000 to Rs204,500 in Pakistan, breaking an almost three-day rising streak amid falling foreign exchange reserves.

The price of gold (24 carats) decreased by Rs4,000 per tola and Rs3,429 per 10 grams to settle at Rs204,500 and Rs175,326, respectively.

Earlier, the foreign exchange reserves held by the State Bank of Pakistan (SBP) declined $592 million to $3.09 billion in a week.

The total liquid foreign reserves of Pakistan stood at $8.74 billion, whereas, the net foreign reserves held by commercial banks stood at $5.65 billion. The drop of $592 million was witnessed due to external debt repayments, according to the central bank.