KARACHI: Gold price dropped by Rs1,200 per tola in Pakistan on Wednesday despite rupee depreciation.
According to the All Sindh Sarafa Jewellers Association (ASSJA), gold prices in the local bullion market dropped by Rs1,200 per tola to reach Rs144,000, while the price of 10 grams of gold decreased by Rs1,028 to reach Rs123,457.
A day earlier, the precious commodity closed at Rs145,200 per tola and Rs124,485 per 10 grams.
Analysts were surprised over a decline in the gold price as past practices suggest that people used to take aggressive positions in gold in inflationary days.
In the international market, bullion prices dropped by $9 per ounce to settle at $1,708.
Gold rates in Pakistan are around Rs2,000 below the cost compared to the rate in the Dubai market.
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,580 per tola and Rs1,354.60 per 10 grams today.
