Gold prices witness massive single day drop
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KARACHI – Gold snapped its record-breaking spree as it witnessed highest single day drop on Tuesday in line with the downward trend in the international market.
The yellow metal plummeted by $22 to settle at $1,902 in the international market as the investors are closely observing the US Federal Reserve's interest rate hike decision.
The local price of gold decreased by Rs9,000 to reach Rs201,500 per tola while the price of 10 gram settled at Rs172,754 after witnessing a decline of Rs7,710, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA).
Earlier in the day, the Pakistani rupee recovered slightly against the US dollar after witnessing historic low level following the dollar cap’s removal by the government to meet a condition of the International Monetary Fund (IMF).
