The precious yellow metal went down on Wednesday as the rupee appreciated against the US dollar.
The price of 24 karat gold has decreased by Rs8,600 per tola, to reach Rs146,300, according to the All Sindh Sarafa and Jewellers Association.
10 grams of 24 karat gold dropped in price by Rs 7,373 to Rs 138,927.
On July 28, the price of gold reached an all-time high of Rs162,500 a tola.
In order to take into account the prices at which trades between buyers and sellers occurred, the most recent pricing for local markets was established.
Bullion prices dropped $14 per ounce to settle at $1,764 on the global market.
Moreover, the US dollar continued its losing streak in the interbank and open market against the rupee, a day after the IMF said that the country has fulfilled its last condition of raising the levy on fuel prices.
According to the Forex Association of Pakistan (FAP), the rupee gained 88 paise by 9:50am to reach Rs237.5 compared to yesterday’s close of Rs238.38.
Later, according to Mettis Global — a web-based financial data and analytics portal. the local currency recovered further and was being traded at Rs228 around 12:50 pm, up Rs10.38 compared to yesterday’s close.
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