The price of gold in Pakistan continued its significant decline for the third consecutive day, closing at Rs. 216,500 per tola on Thursday.
According to data from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold dropped by Rs. 5,800 per tola to reach Rs. 216,500, while the price of 10 grams decreased by Rs. 4,972 to settle at Rs. 185,614.
Also Read: Gold Prices in Pakistan Drop by Rs. 10,000+ Per Tola
This three-day decline marks a substantial decrease in the price of gold. It started with a Rs. 6,300 per tola drop on Tuesday, followed by another decrease of Rs. 10,500 per tola on Wednesday. In total, the price of gold has fallen by Rs. 22,600 per tola over the past three days.
The decline in gold prices is closely linked to the decrease in the value of the US Dollar against the Pakistani Rupee in the open market. The open market exchange rate for the US Dollar has decreased from over Rs. 330 to below Rs. 310 in recent days.
In the international market, spot gold experienced a 0.3 percent increase, reaching $1,922.70 per ounce by 1213 GMT, while U.S. gold futures rose by 0.1 percent to $1,946.80.
