For the third day in a row, the price of gold in Pakistan significantly dropped, ending the day at Rs. 216,500 a tola.
The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) recently issued data showing that the price of gold (24 carats) fell by Rs. 5,800 per tola to Rs. 216,500 and that of 10 kilos fell by Rs. 4,972 to close at Rs. 185,614.
The price of gold dropped by Rs. 6,300 per tola on Tuesday before falling by another Rs. 10,500 per tola on Wednesday, making today’s decline the third significant decline in the past three days. In the past three days, the price of gold has decreased by a total of Rs. 22,600 per tola.
The drop in the value of the US Dollar relative to the Pakistani Rupee on the open market is largely responsible for the reduction in gold prices. Over the past few days, the open market price of the US dollar has decreased from over Rs. 330 to below 310.
By 1213 GMT, spot gold had risen 0.3 percent to $1,922.70 per ounce on the global market, while U.S. gold futures had gained 0.1 percent to $1,946.80.
