KARACHI: Following a slight appreciation of Pakistani rupee and optimism about IMF stalled loan program, the gold price on Tuesday fell by Rs9,000 to Rs201,500 per tola in the domestic market.
According to the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of gold (24 carats) plunged by Rs9,000 per tola and Rs7,716 per 10 grams to settle at Rs201,500 and Rs172,754, respectively.
The per-tola price of gold spiked to a historic level of Rs210,500 on Monday owing to persistent depreciation in rupee and widespread speculation in the commodity market.
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The plunge in the gold rate comes as the demand dropped after the investors seemingly ditched the safe-heaven metal and opted for the greenback — which is now available in the open market after the dollar cap’s removal.
As per the State Bank of Pakistan (SBP), rupee recovered Rs1.74 or 0.65% to settle at Rs267.89. This was the first appreciation in the local currency after 29 trading sessions.
