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Gold price falls 4,600 in Pakistan; rupee strengthens against greenback

The yellow metal follows US dollar that also lost Rs4.7 against local currency

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Gold price falls 4,600 in Pakistan; rupee strengthens against greenback
GNN Media: Representational Photo

Karachi: Thursday was the day of bit respite for the people of Pakistan as the gold prices plunged more than Rs4,000 per tola and Pakistan rupee strengthened against the US dollar. 

According to Sindh Sarafa Bazar Jewelers Association, the price of gold per tola decreased by Rs4,600, after which the price per tola stood at Rs140,700.

Similarly, the price of 10 grams of gold came down by Rs3,943 to Rs120.628 per tola.

The Pakistani rupee appreciated by Rs4.7 on Thursday morning in the interbank market, a day after Finance Minister Miftah Ismail announced a $2.3 billion loan agreement with a Chinese banks consortium.

According to State Bank of Pakistan, the US dollar closed at Rs207.23 in the interbank market. The previous day's close was Rs211.93 against the greenback, according to the State Bank of Pakistan (SBP).

After losing 5.39% in last nine sessions, Pakistani rupee recovered 2.27% day-on-day against the US dollar.

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