Gold Rate in Pakistan Posts Huge Loss Eroding Earlier Gains

The price of gold in Pakistan posted a massive decline on Friday after posting major gains in the last two days.  According to data issued by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of gold (24 carats) plummeted by Rs. 5,000 per tola to Rs. 277,800, while the price of 10 grams was down by Rs. 4,286 to Rs. 238,169.      The price of gold posted two major increases in the last two days as it went up by Rs. 2,300 per tola on Thursday after surging by Rs. 3,100 per tola on Wednesday.  In the international market, spot gold fell 0.5 percent to $2,668.89 per ounce at 1104 GMT, while the US gold futures were down 0.8 percent to $2,689.10.