Gold prices in Pakistan fall by Rs2,000

KARACHI: Gold prices in Pakistan witnessed a steep decline on Monday following the recovery of Pakistan rupee against US dollar for the third straight session, ARY News reported.

According to All Sindh Sarafa Jewellers Association, the per tola price of 24 karat gold decreased by Rs2,000 to settle at at Rs198,000. against its sale at Rs201,600 the previous day.

Meanwhile, the price of 10 grams of 24 karat gold also decreased by Rs1,715 to Rs169,753. The price of gold in the international market decreased by $8 to $1,849, the association reported.

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The decrease in gold prices came after Pakistani rupee recovered by 0.19 percent, against the US dollar to close at 277.92 in the interbank market.

The precious commodity reached an all-time high of 210,500 per tola on January 30. However, price started receding after the rupee recovered on hopes of revival of the International Monetary Fund (IMF) bailout programme.