On Monday, the price of gold in Pakistan decreased by Rs. 2,600 per tola, continuing its downward trend.
The price of gold (24 carats) declined by Rs. 2,600 per tola to Rs. 209,400, according to data issued by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), while the price of 10 grams fell by Rs. 2,290 to Rs. 179,527.
Highest Drop in Gold Prices in Just 1 Week
The price of the precious metal fell by Rs. 27,800 per tola in the recent week, the largest weekly drop in history.
With today’s drop, the price of precious metal has decreased by Rs. 30,400 per tola in the last seven trading days.
By 1217 GMT, spot precious metal had risen 0.4 percent to $1,925.80 per ounce, while US gold futures had risen 0.4 percent to $1,949.90.
Decrease in Dollar Price
It is important to note that the price of precious metal in Pakistan is more affected by the value of the US dollar in Pakistan than by the international price.
Despite little volatility in the international market, the price of precious metal has dropped in the last week as the open market rate of the US Dollar has fallen.
To read our blog on “UAE Passenger accuses PIA to steal 93K dirhams gold jewelry,” click here.