The price of gold in Pakistan registered a significant decline for the third straight day on Thursday to close at Rs. 216,500 per tola.
According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs. 5,800 per tola to Rs. 216,500 while the price of 10 grams declined by Rs. 4,972 to close at Rs. 185,614.
Today’s decline is the third major decline in the last three days, the price of gold fell by Rs. 6,300 per tola on Tuesday before another drop of Rs 10,500 per tola on Wednesday. Cumulatively, the price of gold has fallen by Rs. 22,600 per tola in the last three days.
The decline in the price of gold has largely been linked to the decline of the US Dollar against the Pakistani Rupee in the open market. The open market rate of the US Dollar has come down from over Rs. 330 to below 310 in the last few days.
In the international market, spot gold rose 0.3 percent to $1,922.70 per ounce by 1213 GMT, while the U.S. gold futures were up 0.1 percent to $1,946.80.
