Gold Price in Pakistan Falls by Rs. 1,200 Per Tola

The price of gold in Pakistan fell by Rs. 1,200 per tola on Thursday. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) fell by Rs. 1,200 per tola to Rs. 240,700, while the price of 10 grams decreased by Rs. 1,029 to Rs. 206,361. The Sarafa Association said that the price of gold has been kept under cost by Rs. 1,500 due to the reduction in purchasing power of the buyers. The discount has been reduced as earlier the association was keeping gold under cost by as much as Rs. 4,000 per tola. The price of the precious metal fell in the international market today after the US Federal Reserve projected just one interest rate reduction this year with spot gold down 0.2 percent at $2,317.38 per ounce as of 1053 GMT, while the US gold futures also fell by 0.9 percent to $2,333.10.