The price of gold in Pakistan plummeted on Wednesday to settle at Rs. 210,800 per tola as international prices fell after a stronger-than-expected US inflation report.
According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) fell by Rs. 3,500 per tola to Rs. 210,800 while the price of 10 grams decreased by Rs. 3,001 to Rs. 180,727.
The decline comes after prices remained stable in the local market in the opening two days of the current week.
In the international market, spot gold was down 0.2 percent to $1,989.10 per ounce as of 0925 GMT, the lowest in two months. Gold prices fell around 1.4 percent on Tuesday, the biggest single-day loss since December 4. The US gold futures also slipped by 0.2 percent to $2,002.30 per ounce.
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