KARACHI – The gold prices witnessed a huge decrease on Wednesday amid therecovery of the Pakistani rupee against the US dollar.
According to Sindh Sarafa Association, the price of gold decreased by Rs8,600 per tola and settled at Rs 145,300 after touching near an all-timehigh at Rs162,000 per tola last week.
The declining trend of the precious metal comes on account of the risingstrength of the Pakistani rupee against the USD. Reports also suggest thatbullion plunged sharply as investors liquidated some long positions.
Meanwhile, the recent dip was in line with the dealers’ expectation of themarket to undergo a correction after scaling to new peaks in previoussessions.
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Gold is considered a hedge amid skyrocketing inflation and is often used asa safe store of value during times of uncertainty. In the internationalmarket, the price of precious metal plunged by $14 per ounce to settle at$1,766.
On the other hand, silver prices in the local market shed Rs20 per tola andRs17.15 per 10 grams to settle at Rs1,620 per tola and Rs1,388.88 per 10grams today.
