Gold prices snap three-day rising streak

KARACHI: 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 and a weak Pakistani rupee, ARY News reported on Saturday.

According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), 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.

Meanwhile, gold prices witnessed a decline in the international market by $46 to $1865 per ounce. The commodity’s fall comes after it registered gains for three consecutive sessions amid falling forex reserves and a weak rupee.

Read More: Gold prices hit all-time high

It is worth mentioning that the precious commodity hit an all-time high of Rs210,500 on Monday.

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.