Gold Price in Pakistan Sees Major Decline in First Month of 2024

The price of gold in Pakistan posted a loss of Rs. 4,500 per tola during the first month of 2024 to settle at Rs. 215,500. The drop in price during January is mainly due to a decline in international gold prices and the strengthening of the Pakistani Rupee against the US Dollar. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) decreased by Rs. 600 per tola to Rs. 215,500 while the price of 10 grams saw a decline of Rs. 515 to Rs. 184,756. The price of gold had increased on the opening two days of the new week, witnessing an increase of Rs. 1,500 per tola on Monday and Rs. 700 per tola on Tuesday. In the international market, spot gold was down 0.1 percent to $2,033.28 per ounce by 0330 GMT, while the US gold futures were unchanged at $2,032.70.