KARACHI – The gold rates in Pakistan decreased by Rs3,100 per tola on Tuesday.
The depreciation of the gold metal came after the appreciation of the rupee against the US dollar in the interbank market.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24 carats gold plunged by Rs3,100 per tola and Rs2,658 per 10 grams to settle at Rs204,200 and Rs175,068, respectively.
Jewellers import the metal against the US dollar and UAE dirham before converting its price into rupees.
The gold continued to decline in the international market for the second day after rising above $2,000 an ounce in the last session. The investors turned their attention from the banking crisis to the US Federal Reserve’s interest rate decision.
Meanwhile, the silver prices in the Pakistani market decreased by Rs50 per tola.