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KARACHI: Gold rates in Pakistan registered a drop of Rs1500 per tola on Monday.
According to the All Pakistan Jewellers Manufacturers Association, per tola price of the precious yellow metal declined to Rs154,700 while the price of 10 grams was reduced by Rs1286 to Rs132,630.
The gold hit an all-time high of Rs162,500 per tola on July 28.
In the international market, the price of yellow metal rose by $13 per ounce; however, it failed to cross the psychological barrier of $1,700. The price settled at $1,662 as investors braced for aggressive interest rate hikes by the US Federal Reserve and other central banks this week in an effort to tame high inflation.
The US dollar continued its flight against the Pakistani rupee for the twelfth consecutive session, rising by Rs1.07 in the interbank market.
According to the State Bank of Pakistan (SBP), the greenback appreciated by Rs1.07 and closed at Rs237.91.
In open market, the US dollar was being traded at Rs242 to Rs245, the Forex Association of Pakistan (FAP) added.
