KARACHI: In Pakistan, the price of gold dropped by 4.5%, below the barrier of Rs. 150,000 per tola, as the rupee saw its best day in six weeks on news that Ishaq Dar will be reappointed as finance minister.The price of the precious metal decreased by Rs6,800 per tola and Rs5,829 per 10 grammes, respectively, according to data supplied by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), settling at Rs143,300 per tola and Rs122,857 per 10 grammes.
The correction in gold was overdue for a long. Gold has declined by Rs11,800 per tola in the last four sessions. The reports of stability in rupee-dollar parity following news of Dar’s homecoming faded gold’s shine. The rupee’s value going forward would determine gold’s immediate future trajectory.
