Gold retreats in Pakistan, falls Rs7,800/tola despite increase in international rate

Gold prices fell in Pakistan despite the safe-haven asset’s advance in the international market on Thursday. The precious metal was priced at Rs197,200 per tola, down by Rs7,800 from the rate on Wednesday.

The price of 10 gram (24-carat) gold stood at Rs169,070, after a decline of Rs6,684, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

In the international market, the gold rate per ounce was recorded at $1,885, up by $13 from the previous close.

On Wednesday, gold prices in Pakistan had increased as much as Rs6,500 per tola, as the Israel-Hamas conflict in the Middle East reportedly increased demand for safe-haven assets in the international market.

It may be noted that gold rates remained lower despite an increase in the international rate.

A consistent winning streak of the rupee against the US dollar could be one of the reasons of an ease in gold rates.

Pakistan’s currency continued its merry run against the US dollar, as it gained another 0.33% in the inter-bank market on Thursday. As per the State Bank of Pakistan, the rupee settled at 278.58 after an increase of Re0.93 in the inter-bank market.

This was the rupee’s 26th consecutive appreciation against the greenback.