Price of Gold in Pakistan Sees Major Decrease

The price of gold in Pakistan dropped by over Rs. 1,500 per tola on Monday to settle at Rs. 234,500.

According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs. 1,700 per tola to Rs. 234,500 while the price of 10 grams saw a decrease of Rs. 1,457 to close at Rs. 201,046.

The price of gold increased aggressively at the start of the month, gaining over Rs. 20,000 per tola by May 10 to hit an all-time of Rs. 240,000 per tola. However, prices dropped subsequently and have hovered around the Rs. 235,000 mark since then.

During the last week, the price of gold registered an increase of Rs. 900 per tola, slightly less than the increase of Rs. 1,300 per tola registered in the week before that.

In the international market, spot gold was almost unchanged at $1,946.28 per ounce by 1351 GMT, while US gold futures went up by 0.1 percent to $1,945.50.

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