Gold Price in Pakistan Registers Big Decline

The price of gold in Pakistan fell by Rs. 1,200 per tola to settle at Rs. 214,800 per tola on Monday. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) declined by Rs. 1,200 per tola to Rs. 214,800 while the price of 10 grams decreased by Rs. 1,029 to Rs. 184,156. Last week, the price of gold increased by Rs. 1,500 per tola on Monday and Rs. 700 per tola on Tuesday. On Wednesday, the bullion saw its rate dip by Rs. 600 per tola before an increase of Rs. 800 per tola on Thursday and finally an increase of Rs. 1,400 per tola on Friday. In the international market, spot gold fell on Monday as the US dollar and Treasury yields climbed following improved employment data which dashed hopes for near-term interest rate reduction from the US Federal Reserve, international media reported earlier today. As of 15:45 (PKT), spot gold was down 0.64 percent to $1,193.71 per ounce.