The Gold rates in Pakistan registered a significant decline for the third straight day on Thursday to close at Rs. 216,500 per tola.
According to data from the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold dropped by Rs. 5,800 per tola to Rs. 216,500, and the price of 10 grams decreased by Rs. 4,972 to reach Rs. 185,614.
This marks the third significant drop in gold prices over the past three days, with a total decrease of Rs. 22,600 per tola during this period.
The decline in gold prices is primarily attributed to the weakening of the US Dollar in comparison to the Pakistani Rupee in the open market. The US Dollar’s exchange rate in the open market has gone down from over Rs. 330 to below Rs. 310 in recent days.
In the international market, spot gold saw a 0.3 percent increase, reaching $1,922.70 per ounce by 1213 GMT, while U.S. gold futures experienced a 0.1 percent uptick to $1,946.80.
