Abb Takk News

Gold Price Declines in Pakistan

KARACHI: Gold price in Pakistan declined despite rising international prices as rupee appreciation weighed on investors’ sentiment refraining them from investing.

The gold price declined by Rs400 per tola and Rs343 per 10 grams to settle at Rs145,500 per tola and Rs124,743 per 10 grams, data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed.

The trend of gold is mostly related to rupee-dollar parity, and international gold prices have been a bearish catalyst for bullion.

Pakistan meets almost all its gold demand through imports, and traders follow its international price in setting rates in the country. Jewellers import the metal against the US dollar and UAE dirham before converting its price into rupees.

Since the dollar has dropped by over Rs5 in the open market, the association has adjusted down the bullion price accordingly.