Gold rates in Pakistan drop further by Rs5,800 per tola

Gold prices in Pakistan continued their downtrend on Thursday, as the per-tola rate of 24-carat gold dropped by Rs5,800 during the day.

According to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), price of the yellow metal settled at Rs216,500 per tola.

The Pakistani rupee maintained its upward trajectory against the US dollar in the open market, as gap with the inter-bank rate narrowed further.

In the inter-bank also, rupee strengthened further against the dollar to settle at 304.94.

On Wednesday, the price per tola of 24k gold had declined by Rs10,500.

In three days, gold rates in Pakistan plummeted by Rs22,600 per tola.

Interim government’s action against dollar smuggling and hoarding has contributed in appreciation of the rupee value.

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.

The price of 10 gram gold on Thursday also decreased by Rs4,972 to Rs185,614.

In the international market, the price of the precious metal declined by $5 to $1,921 per ounce.

Silver rates shed Rs50 to settle at Rs2,650 per tola.