Gold retreated in Pakistan on Friday after the rupee recovered towards the US greenback within the interbank market, closing at 278.46.
In accordance with All-Pakistan Sarafa Gems and Jewellers Affiliation (APSGJA), the value of gold (24 carats) plunged by Rs4,490 per tola and Rs4,200 per 10 grams to settle at Rs201,600 and Rs172,840, respectively.
The substantial lower within the value of gold got here after the rupee recovered by Rs6.63, or 2.38%, towards the US greenback to shut at 278.46 within the interbank market.
It needs to be famous that Pakistan meets virtually all its gold demand by way of imports, and merchants observe its worldwide value in setting charges within the nation. Jewellers import the metallic towards the US greenback and UAE dirham earlier than changing its value into rupees.
Cumulatively, the valuable commodity gained Rs12,400 per tola within the earlier three periods.
The valuable commodity scaled to an all-time excessive of 210,500 per tola on January 30, 2023; nevertheless, the gold value began receding after the rupee recovered on hopes of revival of the $6.5 billion Worldwide Financial Fund (IMF) bailout programme.