Gold plummets by Rs8,600 per tola after rallying towards record high in Pakistan

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KARACHI – The gold prices witnessed a huge decrease on Wednesday amid the recovery of the Pakistani rupee against the US dollar.
According to Sindh Sarafa Association, the price of gold decreased by Rs 8,600 per tola and settled at Rs 145,300 after touching near an all-time high at Rs162,000 per tola last week.
The declining trend of the precious metal comes on account of the rising strength of the Pakistani rupee against the USD. Reports also suggest that bullion plunged sharply as investors liquidated some long positions.
Meanwhile, the recent dip was in line with the dealers' expectation of the market to undergo a correction after scaling to new peaks in previous sessions.
Gold is considered a hedge amid skyrocketing inflation and is often used as a safe store of value during times of uncertainty. In the international market, the price of precious metal plunged by $14 per ounce to settle at $1,766.
Today's gold rates in Pakistan – 03 August 2022 08:23 AM | 3 Aug, 2022KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 158,900 on Wednesday. The price of 10 ...
On the other hand, silver prices in the local market shed Rs20 per tola and Rs17.15 per 10 grams to settle at Rs1,620 per tola and Rs1,388.88 per 10 grams today.
Gold price sets new record in Pakistan after ... 11:46 PM | 28 Jul, 2022KARACHI – Gold price on Thursday rose to a record high of Rs162,500 per tola. The gold price reached a new high ...
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