The price of gold dropped on Monday after increasing by more than Rs. 7,000 per tola over the previous three trading days.
The All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) said that the price of gold decreased by Rs. 2,800 per tola and was now Rs. 184,500 per tola. The cost of 10 grammes of gold also decreased by Rs. 2,041 to settle at Rs. 158, 179 for each 10 grammes.
During the preceding week, gold prices remained erratic, falling in the first three sessions before ending the week with three straight sessions of price increases.
The group claims that Pakistan currently has higher gold prices than the global market.
Perhaps the growing investor interest in the pricey metal is one factor contributing to the sharp rise in gold prices. As the rupee continues to lose value, investors are now choosing to store their money in gold rather than the US dollar.