Islamabad: After a meteoric rise on Thursday, the price of gold in Pakistan dipped on Friday by nearly 2.5%.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) plunged by Rs4,490 per tola and Rs4,200 per 10 grams to settle at Rs201,600 and Rs172,840, respectively.
Similarly, silver prices in the domestic market fell by Rs60 per tola and Rs51.44 to settle at Rs2,140 per tola and Rs1,834.70 per 10 grams, respectively.
The substantial decline in the price of the precious metal followed a swift recovery of the Pakistani rupee, which appreciated by Rs6.63 against the US dollar in the interbank market on Friday.
In the last two sessions before Friday, the price of the precious metal shot up nearly Rs12,500 on a per tola basis.
As Pakistan is dealing with historic inflation, the demand for gold has surged significantly because periods of high inflation often coincide with a hike in interest rates and general economic uncertainty. As a result, gold is considered to be the best option to pour money into to battle depreciation.
