KARACHI: Despite the rupee’s collapse, which on Wednesday reached an all-time low of Rs224.92 versus the US dollar, the price of gold in Pakistan fell by Rs1,200 per tola.
The price of gold in the local bullion market reduced by Rs 1,200 per tola to Rs 144,000 and by Rs 1,028 for 10 kilos to Rs 123,457, according to the All Sindh Sarafa Jewellers Association (ASSJA).
The valuable commodity had a previous day’s closing price of Rs145,200 per tola and Rs124,485 per 10 kilos.
Analysts were taken aback by a decrease in the price of gold because historical evidence suggests that during periods of inflation, people tended to hold aggressive positions in gold.According to a gold trader, purchasing gold is a secure investment against rupee depreciation or devaluation.
Some investors are more inclined towards the conventional shining asset, but people may invest directly in the dollar to obtain a same advantage, he said.
