Tuesday May 31, 2022

Gold Price Slides in Pakistan

KARACHI: Amid the recovery in other commodity markets, gold price in Pakistan dropped Rs800 per tola to settle at Rs137,300 in Pakistan on Tuesday.

Meanwhile, the precious commodity lost Rs685 per 10-gram to close at Rs117,713.

Investors, who were relocating their capital to gold amid political uncertainties and rising concerns regarding economic stability, divested their investment from the save-haven asset.

Cumulatively, the precious metal has lost Rs6,000 per tola during the last four sessions (May 27-May31).

The correction in gold was overdue since long as political uncertainty had caused panic everywhere and people were relocating their capital to buying gold, as some regulations had made it difficult to buy dollars for everyone.

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