Gold Rate in Pakistan Retreats Slightly from Record High

The price of gold in Pakistan retreated slightly on Thursday from the all-time high of Rs. 257,700 recorded on Tuesday. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) fell by Rs. 300 per tola to hit Rs. 257,400, while the price of 10 grams was down by Rs. 256 to Rs. 220,680. In a statement, the Sarafa Association said that the price of gold in the local market has been kept Rs. 2,000 per tola below its actual cost. Without the discount, the price of the precious metal would have breached the previous record high. In the international market, spot gold rose 0.5 percent at $2,458.74 per ounce as of 1010 GMT, while the US gold futures were up 0.7 percent to $2,496.50.