The gold price in Pakistan fell significantly on Wednesday as the rupee (PKR) maintained its fast recovery against the US dollar (USD) on the open market.
According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) dropped by Rs10,500 per tola and Rs9,002 per 10 gramme to Rs222,300 and Rs190,586, respectively.
Meanwhile, the price of gold decreased by $9 today to $1,931 per ounce on the international market.
Furthermore, the price of 24-carat silver fell by Rs100 per tola and Rs85.74 per 10 grammes to Rs2,800 and 2400.5, respectively.
In Pakistan, the gold price has been fluctuating recently due to ongoing political and economic uncertainties, high inflation, and currency devaluation. In such times, people prefer to buy yellow metal as a safe investment and a hedge.
It is worth noting that the Pakistani rupee (PKR) staged another aggressive rebound in the open market versus the US dollar (USD), increasing by Rs11 against the greenback.
According to the Forex Association of Pakistan, the rupee gained Rs11 against the dollar and closed the open market at Rs312. It went on to say that banks sold the dollar to importers for Rs 307.50.
However, in the interbank market, the Pakistani rupee (PKR) gained 13 paisas against the dollar, reaching 306.98 from 307.10 yesterday.
A day earlier, gold prices in Pakistan fell significantly in accordance with the international market, with the rupee losing 1.42 against the US dollar in interbank trading.
Gold (24 carat) prices fell by Rs700 per tola and Rs600 per 10 gramme to settle at Rs239,100 and Rs204,990, respectively.