Gold Rate in Pakistan Falls Slightly But Remains Close to Record High

The price of gold in Pakistan fell slightly on Tuesday despite an increase in the international market. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) fell by Rs. 500 per tola to hit Rs. 256,000, while the price of 10 grams was down by Rs. 428 to Rs. 219,479. The price of the precious metal touched a record high of Rs. 257,300 per tola last Friday. However, it dropped in the following two days i.e. Saturday and Monday. Yesterday’s drop was minor and stood at Rs. 300 per tola. In the international market, spot gold climbed 0.3 percent to $2,413.90 per ounce by 1134 GMT, while the US gold futures rose 0.5 percent to $2,455.30. It is pertinent to mention that gold fell almost 3 percent in the previous session, due to a global sell-off over fears of a US recession.