KARACHI: Gold Rate continued to fall in the home market on Saturday, as the rupee-dollar parity rose sharply throughout the week, making the metal less costly for holders of the local currency.
In the local bullion market, gold prices fell by Rs1,300 per tola and Rs1,114 per gram, settling at Rs117,300 per tola and Rs100,566 per gram.
On Friday, the precious metal traded at Rs118,600 per tola and Rs101,680 per gram.
Local dealers, on the other hand, are dissatisfied with the drop in gold prices, believing that it will have little impact on demand owing to a lack of purchasing power.
During the previous four days, the precious commodity has lost roughly Rs14,700.
In the international market, it dropped $11 per ounce to about $1,783, according to the All Sindh Saraf Jewellers Association (ASSJA).
Previously, gold was attracting safe-haven investment because investors who used to pour money into foreign currencies, particularly the US dollar, to avoid the impact of inflation, were now buying gold because the government and central bank had tightened regulations regarding the open market purchase of foreign currencies.
It’s worth noting that gold prices in Pakistan are roughly Rs2,000 lower than those on the Dubai market.
Meanwhile, domestic silver prices remained constant at Rs1,440 per tola and Rs1,234.56 per ten gramme.