Karachi: Gold records first drop of 4,000 rupees to 204,500 rupees in Pakistan It broke a nearly three-day rally amid declining foreign exchange reserves and a weaker Pakistani rupee, ARY News reported on Saturday.
According to the All-Pakistan Sarafa Gems and Jewelers Association (APSGJA), the price of gold (24 karat) fell by 4,000 rupees per tola and 3,429 rupees per 10 gram to 204,500 and 175,326 rupees respectively.
At the same time, the price of gold in the international market fell $ 46 to $ 1,865 an ounce. The commodities drop came after three consecutive gains amid plunging foreign exchange reserves and a weaker rupee.
Read more: Gold price hits all-time high
It is worth mentioning that the precious commodity hit a record high of Rs 210,500 on Monday.
Previously Foreign currency reserves are held by the Bank of Pakistan (SBP). Dropped $592 million to $3.09 billion in a week.
Pakistan’s total liquid foreign exchange reserves are $8.74 billion. The net foreign exchange reserves held by commercial banks were $5.65 billion. The central bank attributed the $592 million drop to external debt settlements.
