Price of Gold in Pakistan Falls as International Prices Sink

The price of gold in Pakistan fell by over Rs. 1,000 per tola on Wednesday to settle at Rs. 220,000 per tola. According to the data released by the All-Pakistan Gems and Jewellers Association (APGJA), the price of gold (24 carats) fell by Rs. 1,300 per tola to Rs. 220,000 while the price of 10 grams fell by Rs. 1,115 to Rs. 188,614. Gold has had a mixed week so far with the price falling by Rs. 300 per tola on Monday before posting an increase of Rs. 1,600 per tola on Tuesday. Today’s decline means that the price of the precious metal is still at last week’s closing level. In the international market, gold prices fell to their lowest in a week today with spot gold down 0.3 percent to $2,053.10 per ounce as of 1021 GMT, while the US gold futures fell 0.5 percent to $2,062.20 per ounce.