Wednesday August 03, 2022

Gold Loses Shine, Price Falls by Rs8,600 Per Tola

KARACHI: Gold fell sharply on Wednesday as some investors unwound safe-haven positions as the precious commodity surrendered hefty gains to trade below Rs150,000 per tola as a rupee rally and crude oil drop triggered heavy profit-taking in the precious metal.

Gold slides beneath key technical levels around Rs145,000 per tola accelerated the decline as investors liquidated some long positions.

The price of gold — considered a safe haven — plummeted by Rs8,600 per tola and Rs7,373 per 10 grams to settle at Rs145,300 and Rs124,571 in the local market, data released by the All Sindh Sarafa and Jewellers Association (ASSJA).

The gold hit an all-time high of Rs162,500 per tola on July 28.

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