Gold pares losses on strengthening rupee, price plunges by Rs2,100 per tola

KARACHI: Gold pared some losses on Thursday after Pakistani rupee continued to register significant gains against the US dollars some investors unwound safe-haven positions.
Data released by All Sindh Sarafa and Jewellers Association (ASSJA) showed that the price of gold — considered a safe haven — plunged by Rs2,100 per tola and Rs1,800 per 10 grams to settle at Rs143,200 and Rs112,540 in the local market.
The gold hit an all-time high of Rs162,500 per tola on July 28.Gold scaled to new peaks earlier as the risk-averse sentiment in the market underpinned bullion, often seen as an alternative investment during times of political and financial uncertainty.
However, the dealers had anticipated the market to undergo a correction after touching new peaks.A significant recovery of the Pakistani rupee of nearly 2% against the US dollar dimmed the shine of the yellow metal.
Cumulatively, the price of gold plummeted by Rs16,400 per tola in the last four sessions (Monday-Thursday).-PNP