Islamabad: The gold price in Pakistan nosedived on Tuesday a fell by Rs5,100 per tola mainly driven by an appreciation of the rupee against the US dollar after the International Monetary Fund (IMF) approved the revival of Pakistan’s bailout programme.
According to the All Sindh Sarafa Association, the gold price plunged by Rs5,100 per tola and Rs4,372 per 10 grams to settle at Rs140,500 per tola and Rs120,456 per 10 grams on Tuesday.
According to market practice, local prices of gold usually go down on the rupee’s appreciation against the US dollar and rising prices of commodities in the international market.
In the international market, the price of the yellow metal gained $5 per ounce to settle at $1,733. Price remained subdued on expectations of more interest rate hikes by the US Federal Reserve.
It should be noted that the gold price stands below cost and is cheaper by Rs4,000 per tola compared to Dubai.
Meanwhile, silver prices in the domestic market receded by Rs10 per tola and Rs8.57 per 10 grams to settle at Rs1,520 per tola and Rs1,303.15 per 10 grams today.
