Gold price continues to fall in Pakistan

Karachi: Gold price on Wednesday continued to fall in the local markets as the yellow metal surrendered gains to trade below Rs200,000 per tola amid economic crisis in the country.

All Sindh Sarafa Jewellers Association said that per tola price of 24 karat gold fell down by Rs2,000 and was traded at Rs198,000 against sale at Rs200,000 the last trading day.

The price of 10 grams of 24 karat gold also decreased by Rs1,715 to Rs169,753, whereas that of 10 grams of 22 karat declined to Rs155,607 from Rs157,179. This is the fourth straight decline in the commodity’s price.

The association said that the price of gold in the international market increased by US$11 to US$ 1880 as compared to its sale at US$1,969 on the last trading day.

The price of one tola silver decreased by Rs.60 to Rs.2170 whereas that of ten gram silver went down by Rs51.44 to Rs.1,860.42.

The foreign exchange reserves held earlier by the State Bank of Pakistan (SBP) depleted $592 million to $3.09 billion in a week.

According to the reports, total liquid foreign reserves of Pakistan stood at $8.74 billion, whereas, the net foreign reserves held by commercial banks stood at $5.65 billion. The central bank had said earlier that the drop of $592 million was witnessed due to external debt repayments.