Spot gold fell by Rs600 to Rs43,650 per tola and by Rs514 to Rs37,414 per 10 grams, while curbing an insatiable appetite for the precious metal.
“The US dollar strengthened in the international market and discouraged investors to pour millions of dollars into the commodity, trimming the healthy demand for the precious metal,” said Haroon Rashid Chand, president of All Sindh Saraf and Jewellers Association.
He told The News that inflation, rising political instability, deteriorating law and order situation in the country, and above all extortions had crimped trading in the biggest and oldest Karachi Saraf Bazaar, where around 50,000 tola gold was traded daily a few years back, now only 5,000 tolas exchange hands each day.
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