On Wednesday, gold prices in Pakistan fell even more as the Pakistani Rupee strengthened against the US dollar in anticipation of an agreement between the government and the International Monetary Fund (IMF).
Gold (24 carats) cost Rs. 198,000 per tola, according to data provided by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA). This decrease of Rs. 2,000 per tola was due to the association’s announcement. Similar to this, the cost of 10 grammes of gold dropped by Rs. 1,715 to Rs. 169,753.
The price of gold dropped today for the fourth consecutive session, bringing the four-day cumulative drop to nearly Rs 10,000.
In Pakistan, gold prices have just risen to an all-time high and have surpassed the Rs. 210,000 per tola mark. The weakening of the rupee was regarded by financial markets as the cause of gold’s record-breaking run.