Gold retreats once again in Pakistan, per tola price declines by Rs1,000

Gold retreats once again in Pakistan, per tola price declines by Rs1,000

Posted on February 24, 2023

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An undated image of gold bangles displayed at a jewellery store. — Reuters/File
An undated image of gold bangles displayed at a jewellery store. — Reuters/File

Gold prices fell on Friday as the rupee ticked higher, while traders continued to position themselves for further rate hikes from the State Bank of Pakistan (SBP) — as the precious commodity is highly sensitive to rising interest rates. 

Data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA) showed that the price of gold (24 carats) declined by Rs1,000 per tola and Rs857 per 10 grams to settle at Rs195,100 and Rs167,267, respectively.

More to follow…

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