Price of Gold in Pakistan Falls Slightly After Major Decline Last Week

The price of gold in Pakistan fell marginally on Monday to settle at Rs. 215,400 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. 200 per tola to Rs. 215,400 while the price of 10 grams also decreased slightly. It is pertinent to mention here that last week the price of the precious metal registered a major decline, going down by Rs. 8,000 per tola to end the week at Rs. 215,600. The price decrease was driven by a decline in international gold prices and the strengthening of the Pakistani Rupee against the US Dollar. In the international market, spot gold was down by 0.5 percent to $1,993.49 per ounce as of 0934 GMT, while the US gold futures fell by 0.3 percent to $2,009.20.