Gold Price in Pakistan Goes Up After Massive Losses Last Week

The price of gold in Pakistan rose by Rs. 800 per tola on Monday after falling by over Rs. 8,000 per tola last week. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 800 per tola to Rs. 240,800, while the price of 10 grams increased by Rs. 686 to Rs. 206,447. It is pertinent to mention here that due to the increase in gold price in recent weeks and the diminishing purchasing power of customers, the Sarafa Association kept the price of gold under cost by Rs. 4,000 during the last week. However, with international prices falling last week, the association has now ended the discount. In the international market, spot gold was up 0.5 percent to $2,344.88 per ounce as of 1158 GMT, while the US gold futures also rose 0.5 percent to $2,345.80.