Gold plunges by over Rs3,000 per tola after world pledges billions for Pakistan at Geneva moot

KARACHI – Gold prices dropped by over Rs3,000 per tola after the international community made flood aid pledges worth $11 billion for Pakistan at an international conference in Geneva.

According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold plunged by Rs3,300 per tola to settle at Rs181,800 while the price of 10 grams dipped by Rs2,829 to reach R155,864.

Goldsmiths had predicted that the gold could touch Rs200,00 per tola due to the rupee devaluation against the US dollar amid depleting foreign exchange reserves.

Earlier in the day, Prime Minister Shehbaz Sharif said the pledges of made at International Conference on Climate Change Resilient Pakistan for the reconstruction and rehabilitation of flood affected areas is a manifestation of the world's confidence in Pakistan's coalition government.

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