The price of gold in Pakistan dipped slightly on Wednesday after hitting a new all-time high a day earlier.
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) went down by Rs. 300 per tola to Rs. 218,000 while the price of 10 grams decreased by Rs. 257 to Rs. 186,900.
The slight drop came after consecutive increases in the previous two sessions, rising by Rs. 3,000 per tola on Monday and by Rs. 600 per tola on Tuesday.
The Pakistani rupee (PKR) also reversed losses against the US Dollar and posted big gains during intraday trade today. The PKR closed at 286.62 after gaining Rs. 1.81 during intraday trade. Today’s fightback by the rupee was on the back of news that the country may secure confirmation from the United Arab Emirates of $1 billion in funding which will pave the way for a staff-level agreement with the International Monetary Fund (IMF).
Gold prices in the international market increased today with spot gold going up by 0.5 percent to $2,012.42 per ounce by 1425 GMT while US gold futures jumped by 0.4 percent to $2,027.50.
