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Gold extends slide on rupee appreciation, price drops by Rs800 per tola


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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.

On May 24, gold spiked to a new peak (Rs143,600 per tola) driven by the rupee devaluation.

In the international market, the price of yellow metal recorded a meagre decline of $6 per ounce to settle at $1,849.

Gold rates in Pakistan are around Rs1,000 below the cost compared to the rate in the Dubai market.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,570 and Rs1,346.02 today.

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