Gold Price in Pakistan Rebounds After Successive Losses

The price of gold in Pakistan posted a slight increase on Wednesday, after losses in the previous two days. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 600 per tola to Rs. 245,600, while the price of 10 grams increased by Rs. 514 to Rs. 210,562. The Sarafa Association said that the price of gold has been kept under cost by Rs. 2,500 due to the reduction in purchasing power of the buyers, an increase of Rs. 300 over yesterday’s discount of Rs. 2,200. In the international market, spot gold increased by 0.4 percent to $2,372.83 per ounce by 0900 GMT, while the US gold futures were up 0.5 percent to $2,379.20.