Gold Price in Pakistan Falls After Big Gains Last Week

The price of gold in Pakistan fell on the opening day of the week after posting an increase of almost Rs. 5,000 per tola last week. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) fell by Rs. 1,300 per tola to Rs. 245,100, while the price of 10 grams fell by Rs. 1,113 to Rs. 210,134. The Sarafa Association said that the price of gold has been kept under cost by Rs. 3,500 due to the reduction in purchasing power of the buyers. It is pertinent to mention here that last week, the price of the precious metal in the country rose by Rs. 4,700 per tola due to an increase in international prices. In the international market, spot gold was down 0.9 percent to $2,370.00 per ounce as of 1000 GMT today, while the US gold futures fell 0.8 percent to $2,377.50.