Gold Price in Pakistan Posts Slight Loss to Remain Range Bound

The price of gold in Pakistan fell by Rs. 500 per tola on Tuesday, erasing the previous day’s gains. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) fell by Rs. 500 per tola to Rs. 241,500, while the price of 10 grams went down by 429 to Rs. 207,047. Yesterday, the price of gold in the local market had risen by Rs. 500 per tola. 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. In the international market, gold prices eased today with spot gold down 0.4 percent at $2,324.69 per ounce as of 0632 GMT, while the US gold futures dropped 0.3 percent to $2,336.80.