Gold price drops by Rs4,900 per tola in Pakistan


KARACHI – Gold loses its shine in domestic markets and per tola price of the yellow metal dropped by Rs4,900 to reach Rs201,600 on Friday.

The price of gold declined after the Pakistani currency gained momentum against the dollar in the interbank market.

Data shared by All-Pakistan Sarafa Gems and Jewellers Association suggest that the 24-Karat gold plunged by Rs4,900 per tola. 10 grams of 24-Karat saw decline of Rs4,200 per and it settled at Rs172,840.

Earlier in the week, the gold continued its upward trajectory and was hovering at record-high levels.

The recent fluctuation in gold prices comes in wake of back-breaking inflation in Pakistan. Prices of almost all basic commodities skyrocketed at the fastest pace ever in history of South Asian nation.