KARACHI: Gold price in Pakistan plunged by Rs1,050 per tola in line with the appreciation of the Pakistani rupee against the US dollar and declining international prices.
The price of gold settled at Rs141,150 per tola. Meanwhile, with a fresh decline of Rs901 per 10 grams, the gold price settled at Rs121,013.
Commodity experts believe a firmer tone to economic data and strengthening currency would undermine support for gold, which has benefited in recent times from the plunge in local currency.
In the international market, the price of yellow metal recorded a decline of $16 per ounce to settle at $1,714 as investors await US inflation data for cues on the Federal Reserve’s policy tightening path.
Gold rates in Pakistan are around Rs1,500 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market gained Rs50 per tola and Rs42.87 per 10 grams to settle at Rs1,570 per tola and Rs1,346.02 per 10 grams today.