Business

Gold price plunges massively by Rs4,500 per tola

Written by The Frontier Post

F.P. Report

KARACHI: The price of gold in Pakistan plunged over Rs4,000 on Thursday as investors sought cover from economic uncertainty, rupee depreciation, and its impact.

The price of precious commodities plunged by around Rs4,600 per tola and Rs3,940 per 10 grams to settle at Rs140,700 and Rs120,628, respectively.

The decline was in line with the dealers’ expectation of the market to undergo a correction after scaling to new peaks in previous sessions.

Moreover, the sharp recovery of over Rs4 of Pakistani currency against the US dollar dimmed the shine of the yellow metal.

Cumulatively, the price of gold plummeted by Rs6,550 per tola in the last three sessions (Tuesday-Thursday).

Meanwhile, the yellow metal stayed above the key $1,800-per-ounce level in the international market with a decrease of $8. The price settled at $1,831.

Gold rates in Pakistan are around Rs5,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,560 and Rs1,337.44 today.

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The Frontier Post