Price of Gold in Pakistan Sinks to Almost One-Month Low

The price of gold in Pakistan slumped to almost a one-month low after a decline of Rs. 2,300 per tola on Tuesday.

According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) fell by Rs. 2,300 per tola to Rs. 228,100 while the price of 10 grams went down by Rs. 1,972 to close at Rs. 195,559.

This is the third consecutive decrease in the price of the precious metal, on Monday the price of gold registered a decrease of Rs. 1,000 per tola. Today’s decrease means that, cumulatively, the price of gold has decreased by Rs. 3,300 per tola during the first two sessions of the week.

The current price of gold is the lowest since May 8 when the price was recorded at Rs. 226,900 per tola. Gold has lost Rs. 6,300 per tola in the current month so far.

In the international market, spot gold was down 0.1 percent to $1,960.70 per ounce by 0938 GMT, while the US gold futures were up 0.2 percent to $1,977.20.

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