Islamabad: Gold price in Pakistan declined for the second consecutive day on Tuesday, losing around 1.5% of value.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold plunged by Rs3,100 per tola and Rs2,658 per 10 grams to settle at Rs204,200 and Rs175,068, respectively.
In the last two sessions on Monday and Tuesday, the price of the precious commodity plunged by more than Rs4,000 on a per tola basis.
Gold plunged in line with the dollar’s value as the country meets almost all its gold demand through imports, and traders follow its international price in setting rates in the country.
Jewellers import the metal against the US dollar and UAE dirham before converting its price into rupees.
The association also mentioned that the price of gold is Rs13,000 per tola “undercost” in Pakistan, as compared to the Dubai market, showing that the Pakistani bullion market is currently cheaper than the global.
Similarly, silver prices in the domestic market also declined by Rs50 per tola and Rs42.86 per 10 grams to settle at Rs2,200 and Rs1,886.14, respectively.
