KARACHI: Gold prices in Pakistan remained relatively steady on Friday, but they have witnessed a substantial decline over the past month. This decline can be attributed to the remarkable recovery of the Pakistani Rupee against the US Dollar and the actions taken by the interim government to combat illicit activities in the bullion and currency markets.
As a result, the price of gold has dropped by Rs18,000 per tola in the last 30 days.
On Friday, the price of gold per tola was reported at Rs197,100, with a marginal decrease of only Rs100 throughout the day, despite an international rate increase of up to $7. These figures were shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).
Comparing this to the rate on September 12, when gold was priced at Rs215,000 per tola, it’s evident that there has been a significant reduction of almost Rs18,000.
This decline in gold prices in Pakistan aligns with the consistent strengthening of the Rupee against the US Dollar. Over the past 27 consecutive trading sessions, the local currency has appreciated by more than 10% since hitting a record low of 307.1 in the interbank market on September 5.
