Islamabad: For the third consecutive session, the price of gold in Pakistan dropped on Tuesday as demand for it slowed down in the local market.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) plunged by Rs700 per tola and Rs600 per 10 grams to settle at Rs197,300 and Rs169,153, respectively.
Meanwhile, silver prices in the domestic market remained unchanged at Rs2,140 per tola and Rs1,834.70 per 10 grams, respectively.
The slowdown in demand for the precious metal came amid the recovery of the Pakistani rupee against the US dollar as well. The local currency gained 0.02% in the interbank against the greenback.
The fall in the price of the precious metal followed the announcement of the federal minister for finance, who, in a tweet on Sunday, confirmed that cash-strapped Pakistan had received $500 million from the Industrial Commercial Bank of China (ICBC).
Cash-strapped Pakistan receives $500 million from Chinese bank
The rollover of the $1.5 billion facility by the Chinese bank will help increase the forex reserves of Pakistan, which rose to a four-week high towards the end of last month, as reported by the State Bank of Pakistan.
The precious commodity scaled to an all-time high of 210,500 per tola on January 30, 2023; however, the gold price started receding after the rupee recovered on hopes of revival of the $6.5 billion International Monetary Fund (IMF) bailout programme.
