Islamabad: Setting a third consecutive losing session, the price of gold in Pakistan declined by Rs1,800 per tola on Wednesday.
According to the data released by the All Pakistan Sarafa Gems and Jewellers Association, the price of gold dropped by Rs1,800 per tola on Friday to settle at Rs180,000. Similarly, the price of gold on a ten-gram basis also declined by Rs1,543 to settle at Rs154,321.
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 nearly $10 billion to Pakistan in the wake of last year’s devastating floods.
Apart from that, Saudi Arabia is also studying to augment investment in Pakistan to reach $10 billion, at the same time increasing deposits in SBP to $5 billion.
Moreover, Finance Minister Ishaq Dar also clarified that the government was not considering freezing dollars held by the commercial banks, which had earlier caused panic among investors.
Similarly, the price of per tola decreased by Rs30 and was sold at Rs2,070 whereas that of ten-gram silver went down by Rs25.72 to Rs1,774.69.