The yellow metal continued to see downward trend in its prices in Pakistan as the price of the gold per tola Thursday decreased further by Rs2100 per tola.
On the rupee front, Pakistani Rupee appreciation has also helped gold’s recovery.
All Sindh Sarafa and Jewellers Association said that the price of 24Karat gold plummeted by Rs2,100 per tola to reach Rs143,200.
The price of 10 grams 24Karat gold plummeted by Rs1,800 to reach Rs122,772.
In the international market, bullion prices increased by $21 per ounce to settle at $1,787.
Despite this week’s gains, gold is still likely to drop to $1,650 by the year-end before staging a recovery, according to the latest forecast from Capital Economics.
“Having fallen sharply in Q2, we think that the gold price is now close to a cyclical trough. What’s more, the price should revive a little in 2023 as markets factor in the prospect of U.S. monetary tightening,” said Capital Economics chief commodities economist Caroline Bain.
Since reaching a peak in March when gold traded above $2,000 an ounce, the precious metal has been on the retreat, falling around 11%. The slide has been driven by a stronger U.S. dollar and the Federal Reserve’s aggressive fight against inflation via its oversized interest rate hikes.