Gold prices take nosedive in Pakistan
The gold prices took a nosedive Wednesday amid the strong Pakistan Rupee against US Dollar and a decrease of the gold prices in the international market, reported 24NewsHD TV channel.
The price of one tola gold fell by Rs2800 and reached Rs102,900 per tola. The price of 10 grams gold also fell by Rs2401 and reached Rs 88,220.
All Sindh Sarafa Bazar Association Haji Haroon Chand said there was a higher trend of the gold sale in the international market that has resulted in a decrease of the gold price in the international market by $42 per ounce to $1685.
He said there was a visible decline in the US dollar price against Pakistan Rupee as it has fallen to the lowest value in 22 months and one dollar is being traded below Rs153 and it has also played a role in the significant decline in the gold prices.
Moreover, the price of one tola silver has also declined by Rs40 and is being available for Ras1320 per tola.