Gold rates in Pakistan decline another Rs2,600 per tola

Gold prices in Pakistan continued their downtrend on Monday, as the per-tola rate of 24-carat gold dropped by Rs2,600 during the day.

According to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), price of the yellow metal settled at Rs209,400 per tola.

In last 7 sessions, gold prices in Pakistan have dropped by Rs30,400 per tola on rupee’s appreciation against the US dollar.

The Pakistani rupee maintained an upward trend against the dollar, appreciating for the fourth successive session to settle at 301.16 in the inter-bank market on Monday. In the open market also, the rupee continued its appreciation run against the dollar.

Dealers Business Recorder reached out to said the rupee was being quoted at 301 for selling and 298 for buying purposes for customers in the open market, down from Friday’s levels.

On Saturday, the price per tola of 24k gold had declined by Rs500.

Gold prices in Pakistan closely follow trajectory of the US dollar and international rates of the commodity as the country remains a net importer of the precious metal.

Interim government’s action against dollar smuggling and hoarding has contributed in appreciation of the rupee value. On Sunday, Caretaker Interior Minister Sarfraz Bugti said the government would make an example of all those elements involved in smuggling and hoarding activities across the country.

The price of 10 gram gold on Monday also decreased by Rs2,229 to Rs179,527.

In the international market, the price of the precious metal increased by $7 to $1,926 per ounce.

Silver rates shed Rs50 to settle at Rs2,550 per tola.