Gold loses shine; price drops by Rs1,800 per tola in Pakistan


KARACHI – The price of gold in Pakistan receded on Saturday as it declined by Rs1,800 per tola.

The price of yellow metal plunged nearly one percent as it comes under pressure from an advancing rupee. All-Pakistan Sarafa Gems and Jewellers Association shared fresh data, which shows that the price of gold (24 carats) dropped by Rs1,800 per tola and hovered at Rs205,700.

The price of 10 grams saw an axe of Rs1,543 per and stands at Rs176,355.

If we look back, bullion lost around Rs2,600 or 1.25 percent per tola during the short week ending on March 25 as it faced four blows in five sessions.

On Friday, gold saw a jump of Rs5,600 per tola as markets opened after the Pakistan Day holiday.

Let it be known that the price of yellow metal adjusts in line with the rupee-dollar parity as the South Asian nation meets almost all its gold demand through imports.

Globally, the expensive commodity saw a plunge, and the per-ounce price settled at $1,978 after a decrease of $19.