Gold price drops by Rs800 per tola in Pakistan

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— Reuters/File
— Reuters/File
  • Gold prices in the local bullion market settled at Rs123,800 per tola and Rs106,138 per 10 grams.
  • During the outgoing week, the precious commodity lost around Rs4,300 per tola or 3.35%.
  • The precious metal recorded a decrease of $12 per ounce in the international market to settle at around $1,846.

KARACHI: The price of gold in Pakistan fell on Saturday as concerns regarding rupee-dollar parity triggered uncertainty in the commodity market.

Gold prices in the local bullion market recorded a decrease of Rs800 per tola and Rs686 per 10 grams to settle at Rs123,800 per tola and Rs106,138 per 10 grams.

On Friday, the yellow metal closed at Rs124,600 per tola and Rs106,824 per 10 grams. 

During the outgoing week, the precious commodity lost around Rs4,300 per tola or 3.35%.

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Earlier, speaking to Geo.tv, AA Commodities Director Adnan Agar had said that the price of gold in the local market is completely dependent on two factors.

“Currency movement and international price changes have a significant impact on the price of the precious commodity in Pakistan,” he had elaborated.

Meanwhile, the precious metal recorded a decrease of $12 per ounce in the international market to settle at around $1,846.

It is pertinent to mention that gold rates in Pakistan are around Rs4,000 below cost compared to the gold rate in the Dubai market.

Furthermore, the price of silver in the domestic market remained unchanged at Rs1,440 per tola and Rs1,234.56 per 10 grams today.

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