Gold price falls Rs1,600 per tola
PHOTO: FILE
Taking cue from the volatile rupee-dollar exchange rate, gold price on Saturday dropped by Rs1,600 to Rs200,000 per tola (11.66 grams).
The precious metal has cumulatively lost 2.42% (or Rs5,000 per tola) in the past two days following a surprising recovery of the rupee by 2.38% to Rs278.46 to a dollar in the inter-bank market on Friday.
“Gold is following the US dollar (movement) in Pakistan,” said All Sarafa Gems and Jewellers Association of Pakistan (ASGJAP) President Haji Haroon Chand.
“Demand for gold has been sluggish in the wake of recent sharp volatility in its price as well as rupee-dollar exchange rate.”
Bullion price has dropped in domestic markets, compared to the uptrend in global arena.
Chand recalled that the yellow metal had spiked 6.22% (Rs12,100 per tola) in the prior two days (Wednesday and Thursday) when the rupee lost 8.24%.
“Gold has remained a safe-haven for investors, who park their savings in the commodity to avoid the impact of currency devaluation,” he remarked.
Published in The Express Tribune, March 5th, 2023.
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