Islamabad: For the third consecutive session, the price of gold saw a major drop in Pakistan on Wednesday, as the per tola rate lost nearly 1%.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold plunged by Rs2,300 per tola and Rs1,971 per 10 grams to settle at Rs201,900 and Rs173,097, respectively.
Cumulatively, the safe-haven metal has fallen from Rs208,300 per tola to Rs201,900 in three sessions after registering losses of Rs6,400 per tola.
Meanwhile, silver prices in the domestic market remained unchanged at Rs2,200 per tola and Rs1,886.14 per 10 grams, respectively.
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 Rs14,000 per tola “undercost” in Pakistan, as compared to the Dubai market, showing that the Pakistani gold market was currently cheaper than the global.
