Gold price goes down with rupee's recovery

Karachi: Gold prices came down as the local currency gained value against the US dollar in the local markets on Monday.

The latest reports say that the price of per tola Gold slipped under Rs200,000 and subsequently, the investors tuned away from the yellow metal.

All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) confirmed that the price of gold (24 carats) fell by Rs2,000 per tola and Rs1,715 per 10 grams to settle at Rs198,000 and Rs169,753, respectively.

The week ended on March 4 witnessed the price of yellow metal falling Rs8,500 per tola in three trading sessions which was more than the amount it cumulatively gained Rs5,900, or 3.03% per tola.

Earlier this year on January 30, gold per tola price went all time high of 210,500 per tola but later it  started coming down after the rupee recovered on hopes of revival of the $6.5 billion International Monetary Fund (IMF) bailout programme..