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Gold prices in Pakistan fell sharply on Tuesday, owing to the country's persistent economic uncertainties and the volatility of the local currency.
According to the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) has dropped by Rs4,300 per tola and Rs3,686 per 10 gramme, respectively, to Rs200,000 per tola and Rs171,468 per 10 gramme.
This is the third consecutive decrease in the price of the valuable metal, which dipped Rs200 per tola on Monday and Rs4,000 per tola on Friday. Last week, the yellow metal market was generally optimistic.
However, as Pakistan imports gold, the precious metal may become more expensive, as the State Bank of Pakistan's reserves are at a historic low of $3,086.2 million, which is only enough to finance imports for less than one month.
Investors, on the other hand, were buying gold bars rather than jewellery, which not only lowered goldsmiths' profit margins but also put the labour force at risk of losing jobs, as jewellery manufacturers moved to other professions in the lack of work.
In the international market, gold increased for the second day in a row, aided by a weaker dollar following recent significant losses, as traders anticipated fresh economic data to judge its expected impact on US interest rates.
By 0940 GMT, spot gold was up 0.4% to $1,875.36 per ounce, after falling to its lowest level since January 6 on Monday.
Meanwhile, local silver prices fell Rs20 per tola and Rs17.14 per 10 gramme to close at Rs2,230 and Rs1,911, respectively.
