Gold prices fall by Rs4,000/tola in Pakistan, slide continues for fifth day

Gold rates in Pakistan dropped another Rs4,000 per tola on Friday, extending slide for the fifth straight day as rupee maintained its recovery against the US dollar.

The price of per tola 24-carat gold settled at Rs212,500, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

The Pakistani rupee continued its merry run against the US dollar, appreciating for the third consecutive session to settle at 302.95 in the inter-bank market on Friday.

In the open market, the domestic currency also maintained its positive run against the dollar as gap with the inter-bank rate narrowed further, a key benchmark of the International Monetary Fund’s (IMF) Stand-By Arrangement (SBA).

On Thursday, the price of per tola gold had declined by Rs5,800.

In five days, gold rates in Pakistan have plummeted by Rs27,300 per tola.

Pakistan Army’s top brass has also resolved to assist the government “wholeheartedly” in curbing all illegal activities which hamper economic stability, growth, and investors’ confidence, a press release from its media wing Inter Services Public Relations Pakistan (ISPR) stated.

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 Friday also decreased by Rs3,430 to Rs182,184.

In the international market, the price of the precious metal increased by $2 to $1,923 per ounce.

Silver rates remained unchanged at Rs2,650 per tola.