The price of gold in Pakistan decreased for the second consecutive day on Friday and for the third time during the ongoing week.
According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) went down by Rs. 250 per tola to Rs. 235,750 while the price of 10 grams saw a decrease of Rs. 214 to close at Rs. 202,118.
The price of gold has risen aggressively during the current month and soared to Rs. 240,000 per tola on May 10 after a jump of over Rs. 20,000 per tola since the start of the month. However, the prices have remained relatively stable since then.
Today’s decrease makes it the third time in the week that the price has gone down. The price of gold increased by Rs. 2,000 per tola on Monday before declining by Rs. 100 per tola on Tuesday. The price surged again on Wednesday and posted an increase of Rs. 600 per tola before falling by Rs. 1,800 per tola on Thursday. Despite today’s decrease, cumulatively, the price of gold has gained Rs. 450 per tola during the week so far.
In the international market, spot gold was up 0.7 percent to $1,953.49 per ounce by 1142 GMT, while the US gold futures rose by 0.5 percent to $1,952.80.