Gold price plunges by Rs1,400 per tola in Pakistan

KARACHI: Gold prices extended declines on Tuesday after a retreat in international oil prices and rupee depreciation against the US dollar boosted risk appetite.

According to the All Sindh Sarafa Jewellers Association (ASSJA), gold prices in the local bullion market dropped by Rs1,400 per tola to reach Rs130,000, while the price of 10 grams of gold decreased by Rs1,200 to reach Rs111,453.

A day earlier, the precious commodity closed at Rs131,400per tola and Rs112,654 per 10 grams.

a gold dealer said that Pakistan remains a small market for gold at the global level. It meets the commodity’s demand through imports as it does not produce the commodity locally.