KARACHI: After hitting an all-time high the previous day, the price of one tola and 10 grams of gold plunged on Friday by Rs2,000 and Rs1,715 to Rs132,300 and Rs113,426.
However, the domestic gold rates had fallen on Thursday as well despite a jump of six dollars per ounce in world market rates. Rates in the local market witnessed a big rally amid a one dollar per ounce jump in international bullion rate, followed by rising dollar value to new peak.
Explaining the drop in domestic prices in the face of rising international prices, the chairman of the All Pakistan Jewellers Manufacturers Association (APJMA), said the rates had come down on the back of a big recovery by the rupee against the dollar.
One dollar fetched Rs 184.68 in the inter-bank market on Friday, down from Rs 188.18 the previous day.
Published in Dawn, April 9th, 2022