Islamabad: For the second consecutive session, the price of gold in Pakistan declined as the abnormal wave of price hikes seems to have ended.
According to the data released by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold dropped by Rs3,300 per tola on Friday to settle at Rs181,800. Similarly, the price of gold on a ten-gram basis also declined by Rs2,829 to settle at Rs155,864.
The fall in prices is being attributed by analysts to the pledges made by international donors at the Geneva climate conference. Multilateral and bilateral donors combined pledged more than $10 billion to Pakistan in the wake of last year’s devastating floods.
Similarly, Saudi Arabia is also considering increasing deposits in the central bank of Pakistan to reach $5 billion, which will shore up the forex reserves of Pakistan. Crown Prince Muhammad bin Salman also directed to study augmenting Saudi investment in Pakistan to reach $10 billion.
Meanwhile, silver prices in the domestic market rose Rs30 per tola and Rs25.71 per 10 grams to settle at Rs2,100 and Rs1,800.41.