KARACHI: Gold price in Pakistan slumped to 4.5% falling below the threshold of Rs150,000 per tola as the rupee clocks its best day in six weeks after reports that Ishaq Dar will return as finance minister.
Data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of the precious metal plunged by Rs6,800 per tola and Rs5,829 per 10 grams to settle at Rs143,300 per tola and Rs122,857 per 10 grams, respectively.
The correction in gold was overdue for a long. Gold has declined by Rs11,800 per tola in the last four sessions. The reports of stability in rupee-dollar parity following news of Dar’s homecoming faded gold’s shine. The rupee’s value going forward would determine gold’s immediate future trajectory.