It dropped by $9 in the international market
The price of gold recorded an increase of Rs850 per tola Thursday, taking the rate of the precious metal to Rs123,650 in Pakistan.
However, in the international market, gold started losing ground and recorded a fresh decrease of $9 an ounce. Last week, it recorded a huge drop of $58.
According to the All Sindh Sarrafa and Jewellers Association, 24k-gold is now selling at $1,777 per ounce.
Gold reached a five-month high of $1,874 per ounce on November 16 and a record high of Rs132,000 per tola on October 26 in Pakistan.
In the domestic market, the price of 10 grams of gold increased by Rs729 to Rs106,010.
On the other hand, the silver price in Pakistan has not changed since November 22. It is being sold at Rs1,460 per tola and Rs1,251.71 per 10 grams for the past 10 days.
The value of the Pakistani rupee plummeted Thursday in the interbank market against the US dollar. The news of the skyrocketing trade deficit tumbled the stock market after which the local currency depreciated by 0.53%.
According to the State Bank of Pakistan, the US dollar jumped to an all-time high of Rs176.42.