Islamabad: With the continuous strengthening of the Pakistani rupee against the US dollar, the gold price in Pakistan fell on Friday by Rs1,000 per tola.
Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) declined by Rs1,000 per tola and Rs857 per 10 grams to settle at Rs195,100 and Rs167,267, respectively.
Similarly, silver prices in the domestic market fell by Rs20 per tola and Rs17.14 per 10 grams to settle at Rs2,100 and Rs1,800.41, respectively.
The price of the precious metal had increased measly by Rs500 per tola in the previous session on Thursday. However, during the week, the pressure on the PKR eased a little, with the Chinese banks lending $700 million to Pakistan, which will boost its forex reserves.
Experts believe that the deal with the International Monetary Fund (IMF) will also be soon completed, as Pakistan has complied with the majority of the demands put forth by the global lender.
Pakistan receives $700 million from China in sigh of relief amid economic meltdown