Gold Rate in Pakistan declined for the eighth consecutive day on Thursday, falling by Rs1,400 per tola amid continued weakness in the domestic bullion market.
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According to the All Pakistan Jewellers Manufacturers Association, the price of one tola of gold dropped to Rs141,700, compared with the previous rate of Rs143,100.
The price of gold per 10 grammes was reported at Rs121,485.
Gold Remains Below July Peak
Gold prices have remained under pressure after reaching an all-time high of Rs162,500 per tola on July 28.
The latest rate is therefore Rs20,800 below the July peak, reflecting the sharp decline recorded over the subsequent sessions.
Rupee Gains Against US Dollar
Meanwhile, the Pakistani rupee strengthened against the US dollar in interbank trading on Thursday.
The dollar fell by Rs3.03 to close at around Rs218.88 in the interbank market, according to the reported State Bank of Pakistan data.
The US currency also lost ground in the open market, where it was being traded between Rs216 and Rs218.
The movement in the exchange rate is relevant to domestic gold prices because international gold prices are converted into Pakistani rupees when local bullion rates are determined.
