Gold price plummets by Rs2,500 per tola amid cyclone concerns.
The gold price in Pakistan
on Wednesday declined amid drop in the international rates as well as the looming cyclone Biparjoy which has created fears among the buyers.
According to data provided by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) fell by Rs2,500 per tola and Rs2,143 per 10 grams to settle at Rs219,000 and Rs187,757, respectively.
The price of the yellow metal lost $13 to settle at $1,948 per ounce in the international market today.
Cumulatively, the prices of the precious commodity fell by Rs8,250 in the last three sessions.
The gold rate has been volatile in Pakistan recently amid continued political and economic uncertainty, high inflation, and currency depreciation. People prefer to buy yellow metal in such times as a safe investment and a hedge.
The market saw a major decline due to several reasons including the international rates, depreciation of dollar against the rupee, Biparjoy and the current weather which has restricted the buyers from going out.
Data shared by the association showed the price of silver dropped by Rs100 to settle at Rs2,550 per tola and Rs2,186.21 per 10 grams.
Meanwhile, the local currency gained Rs0.79 or 0.28% against the greenback and closed at Rs287.18 in the interbank market today.