- Gold per tola fell by Rs 5,300 per tola.
- The yellow metal gained $5 in the international market.
- At the interbank level, the rupee closed at Rs 285.15 against the dollar.
Karachi: Gold prices in Pakistan on Thursday snapped a three-day winning streak due to fall in market demand with the onset of Muharram month.
According to the data released by the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA), gold (24 karat) declined by Rs 5,300 per tola and Rs 4,544 per 10 grams to Rs 221,100 and Rs 189,558, respectively.
However, in the international market today, the yellow metal closed with a gain of $ 5 at $ 1,978.
During the month of Muharram – which marks the beginning of the new Islamic year – the demand for bullion in the local market drops.
Gold rates have been volatile recently amid ongoing political and economic uncertainty and high inflation in Pakistan. People like to buy gold in such times as a safe investment and a hedge.
Data shared by the association showed that silver remained unchanged at Rs 2,900 per tola and Rs 2,486.28 per 10 grams.
In the last three sessions – Monday, Tuesday and Wednesday – gold prices rose by Rs 13,200 per tola ahead of Muharram.
Meanwhile, the local currency also depreciated by 0.47% against the greenback at the interbank market today, according to data shared by the State Bank of Pakistan (SBP).
The rupee closed at Rs 285.15 against the dollar.