For the second day in a row, the price of gold has significantly dropped in Pakistan.
The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) said that the price of 24-carat gold decreased significantly by a whopping Rs. 10,500 per tola to reach Rs. 232,300. At 190,586 rupees, the cost of 10 grams of gold decreased by Rs. 9,002.
This brings the total decline in gold prices to Rs. 16,800 per tola. The previous day saw a reduction in gold prices of Rs. 6,300 per tola.
Market analysts believe that the recent sharp decline in gold prices is due to a change in the open market value of the US dollar. From over Rs. 330 to slightly over 320, the open market exchange rate for the US dollar has changed.
As of 0948 GMT, spot gold in the international market was down 0.1 percent, trading at $1,923.59 per ounce, while U.S. gold futures were down 0.2 percent, trading at $1,948.70.
