Islamabad: After rising to an all-time high on Monday, the price of gold in Pakistan registered its highest-ever single-day drop on Tuesday.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold plunged by Rs9,000 per tola and Rs7,716 per 10 grams to settle at Rs201,500 and Rs172,754, respectively.
The jewellers’ body also said that local gold was still in “over-cost” condition by Rs2,500 per tola in Pakistan compared to the Dubai bullion market.
The sudden drop in prices occurred after the Pakistani rupee’s winless run of 29 consecutive sessions against the US dollar ended in the interbank market on Tuesday.
Similarly, silver prices in the domestic market also decreased by Rs50 per tola and Rs42.88 per 10 grams to settle at Rs2,250 and Rs1,929, respectively.
