Gold Price in Pakistan Remains Near Record High Despite Slight Decrease

The price of gold in Pakistan fell by Rs. 1,700 per tola on Thursday but remained near record high level. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) decreased by Rs. 1,700 per tola to Rs. 250,200, while the price of 10 grams fell by Rs. 1,458 to Rs. 214,506. Yesterday, the precious metal rose to an all-time high of Rs. 251,900 per tola in the local market. The price of gold in the local market went up by Rs. 800 per tola on Monday before posting another increase of Rs. 2,400 per tola on Tuesday. Wednesday saw the price increase by another Rs. 2,200 per tola. Cumulatively, the price of gold has risen by Rs. 3,700 per tola during the current week so far. In the international market, gold prices rose today over risks of a widening Middle East conflict with spot gold up 0.8 percent at $2,379.21 per ounce, as of 0713 GMT, while the US gold futures were up 0.2 percent to $2,394.10.