According to market observers, the gold price fell even further on Tuesday as the rupee continued to gain for the second day in a row.
On Monday, the price of a tola dropped by Rs1, 800 to R121,600, and the price of a gramme dropped by Rs1, 544 to Rs104,252, both of which were lower than their respective previous day’s prices.
Gold prices were Rs123,400 per tola and Rs105,796 per gramme on Monday, according to the All Sindh Sarafa Association, which reported a reduction from prior figures.
In addition to international currency rates and tariffs, the association monitors local pricing that are based on rupee-dollar equivalents as well as domestic prices.
Normally, when the rupee strengthens in relation to the US dollar and when the worldwide price of commodities rises, gold prices in the domestic market fall.