KARACHI: Gold extended losses on Wednesday as the price registered a decline of Rs1,500 per tola and Rs1,286 per 10 grams.
Data released by All Sindh Sarafa Jewellers Association (ASSJA) showed that the price of gold settled at Rs139,000 per tola and Rs119,170 per 10 grams.
The price of the yellow metal plunged by Rs8,000 per tola for three consecutive days.
It should be noted that the gold price is standing below cost. Gold is cheaper by Rs4,000 per tola compared to its price in Dubai.
In the international market, bullion prices declined by $18 per ounce to settle at $1,715.
Read more:Rupee gains 1.37 against US dollar
Meanwhile, silver prices in the domestic market remained unchanged at Rs1,520 per tola and Rs1,303.15 per 10 grams today.
Earlier, the US dollar continued to lose ground against the Pakistani rupee despite deadly floods causing huge economic losses to the country.
The rupee closed at 218.75 per dollar after gaining 1.37 during the interbank market, down from yesterday’s close of 220.12, according to the State Bank of Pakistan’s (SBP) data.
