Gold Price in Pakistan Drops Slightly After Consecutive Gains

The price of gold in Pakistan fell slightly at the start of the new week to settle at Rs. 214,700 per tola. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) fell by Rs. 600 per tola to Rs. 214,700 while the price of 10 grams dropped by Rs. 514 to Rs. 184,074. The price of the precious metal fell by Rs. 2,150 per tola in the domestic market last week despite recovering on Friday and Saturday. The fall in price was mainly due to the fall in international gold prices and the continuous strengthening of the Pakistani Rupee against the US Dollar. In the international market, spot gold fell by 0.4 percent to $2,021.39 per ounce as of 0955 GMT, while the US gold futures were down 0.3 percent to $2,023.20.