The price of 24-carat gold per tola fell by Rs5,800 on Thursday, continuing the downward trend in gold prices in Pakistan.
Gold rates in Pakistan drop: The yellow metal’s price was Rs216,500 a tola, according to figures provided by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
In the open market, the Pakistani rupee continued to appreciate against the US dollar as the difference with the interbank rate continued to close.
The rupee gained more ground versus the dollar in the interbank market as well, finishing at 304.94.
The cost of a tola of 24 karat gold had decreased by Rs10,500 on Wednesday.
Pakistan’s gold prices fell by Rs22,600 per tola in three days.
The interim government’s efforts to combat dollar hoarding and smuggling have helped the rupee’s value increase.
Pakistan continues to be a net importer of the precious metal, therefore gold prices closely track the trajectory of the US dollar and global rates of the commodity.
On Thursday, the cost of 10 grammes of gold dropped by Rs4,972 to Rs185,614.
Additionally, The price of the precious metal dropped $5 to $1,921 per ounce on the world market.
However, The price of silver decreased by Rs50 to Rs2,650 per tola.