Gold Price in Pakistan Declines Marginally But Remains Near Record High

The price of gold in Pakistan retreated marginally on Monday but remained near the all-time high. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) fell by Rs. 200 per tola to hit Rs. 260,000, while the price of 10 grams was down by Rs. 172 to Rs. 222,908. The Sarafa Association said that the price of gold in the local market has been kept Rs. 4,000 per tola below its actual cost. In the international market gold prices surged to an all-time high today before retreating with spot gold down 0.4 percent at $2,496.46 per ounce as of 1011 GMT, while the US gold futures were down 0.1 percent to $2,534.80.