Gold price in Pakistan witnessed the biggest single-day decline on Wednesday, falling Rs8,600 per tola to reach Rs145,300 per tola, according to the All Sindh Saraf and Jewellers Association.
The decline comes after the rupee appreciated massively. The local currency recovered Rs9.58 or 4.19% on Wednesday to end at Rs228.8 per dollar as decline in imports weighed on the minds of foreign exchange market participants.
Rupee closes at 228.8 after biggest day-on-day appreciation against US dollar
Moreover, the price of 10 grams of gold fell from Rs131,944 to Rs124,571, a drop of Rs7,373.
Since Pakistan is a net importer of gold, the dip in dollar value triggered a fall in its price. Pakistan mainly imports the yellow metal from Middle Eastern countries. As a net importer, the rates of bullion and other precious metals in Pakistan normally follow the international market trend.
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Meanwhile, the price of the yellow metal in the international market increased by $10 per ounce to $1,771.