Gold loses shine in Pakistan as prices fall by Rs3,700 per tola


KARACHI – Gold, a safe haven for investors, continued to lose shine in Pakistan amid the upward trajectory of the local currency against the dollar in both open and interbank markets.

The price of 24-karat gold saw a plunge of Rs3,700 and was traded at Rs192,200 on Wednesday, per rates of All Sindh Sarafa Jewellers Association.

The price of 10 grams of 24 karats plunged by Rs3,173 and its price hovered at Rs164,780.

In the international market, the price of bullion also witnessed a slump by $18 one ounce to $1,837 one ounce.

Fine silver also saw a decrease of around Rs30 to Rs2,100 on Wednesday. This is another decline in the commodity’s price.