Gold Price in Pakistan Falls As International Prices Dip Due to Stubborn US Inflation

The price of gold in Pakistan posted its first sizeable fall in eleven days as it went down by Rs. 1,800 per tola on Wednesday. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) edged down by Rs. 1,800 per tola to Rs. 228,300, while the price of 10 grams decreased by Rs. 1,544 to Rs. 195,730. After holding firm on Monday, the price of the precious metal in the local market fell marginally on Tuesday. The price of gold has risen sharply in the past two weeks, with gold gaining Rs. 9,900 per tola during the last week alone. The increase in price was driven by a sharp increase in international gold prices. Gold prices in the international market remained flat on Wednesday with US inflation raising concerns an interest rate cut by the Federal Reserve may be delayed.