Gold prices in Pakistan fall by Rs4,300 per tola

KARACHI: Gold prices in Pakistan continued to decline for a third consecutive day amid economic uncertainty in the country, ARY News reported on Tuesday.

According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the per tola price of 24 karat gold decreased by Rs.4,300 and was traded at Rs200,000 against sale at Rs204,300 the last trading day.

Meanwhile, the price of 10 grams of 24 karat gold also decreased by Rs.3,686 to Rs.171,468 against Rs.175,154, whereas that of 10 grams of 22 karat declined to Rs.157,179 from Rs.160,558.

This is the third straight decline in the commodity’s price — which fell Rs200 per tola on Monday and Rs4,000 per tola on Friday.

The price of one tola silver decreased by Rs.20 to Rs.2,230 whereas that of ten gram silver declined by Rs.17.14 to 1,911.86.

The price of gold in the international market decreased by US$1 to US$ 1,869 as compared to its sale at US$1,870 on the last trading day, the association reported.

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.