Gold prices in Pakistan decreased further on Wednesday as the Pakistani Rupee gained against the US Dollar on hopes that the country will be able to strike a deal with the International Monetary Fund (IMF).
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs. 2,000 per tola to settle at Rs. 198,000. Similarly, the price of 10 grams of gold decreased by Rs. 1,715 to settle at Rs. 169,753.
Today’s decline was the fourth straight session when the price of gold declined, taking the total decrease in the past four days to over Rs. 10,000.
During the last week, gold prices in Pakistan surged to an all-time high and crossed the Rs. 210,000 per tola barrier. Financial markets had credited gold’s record-breaking run to the rupee’s depreciation.