KARACHI: On Saturday, gold continued to lose ground as it closed just above the threshold of Rs150,000 per tola, in accordance with price movement on the global market and predictions that an economic recovery may lessen inflationary pressure, reducing the metal’s appeal as a hedge.
According to information made public by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of the precious metal dropped by Rs3,750 per tola and Rs3,216 per 10 grammes, settling at Rs150,100 per tola and Rs128,686 per 10 grammes, respectively.
Over the past three sessions, the price of the valuable metal has decreased by about Rs5,000 per tola. In the meantime, during the week ending September 24, it lost Rs6,100 per tola.