Islamabad: Gold price in Pakistan registered losses on Thursday as the precious commodity retreated from a historic high after investors shifted focus towards riskier assets following positive economic cues in the market, breaking a three-session winning streak. The depreciation was in line with the rupee movement — which gained ground and closed at 284.42 against the US dollar in the interbank market — and a downtrend in the global markets. The gold rate (24 carats) fell by Rs2,500 per tola and Rs2,142 per 10 grams to settle at Rs214,500 and Rs183,900, respectively, according to the data released by All-Pakistan Sarafa Gems and Jewellers Association. The price of the yellow metal was increasing since the last three trading sessions as gold is often hailed as a hedge against inflation. Pakistan’s monthly inflation in March soared to an all-time high level — 35.4% — from a year earlier, with people feeling more pain from some of the fastest rising consumer prices amid straining budgets as the cost of living continues to outstrip average incomes. APP
