Gold Price in Pakistan Registers Second Straight Drop

The price of gold in Pakistan fell for the second consecutive day on Wednesday to settle at Rs. 239,200 per tola.

According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) fell by Rs. 800 per tola to Rs. 239,200, while the price of 10 grams registered a decrease of Rs. 686 to Rs. 205,075.

Tuesday saw the price of gold drop by Rs. 500 per tola while the price of the precious metal increased by Rs. 2,500 per tola on Monday.

Towards the end of the last month, the price of the precious metal surged past the Rs. 252,000 level to an all-time high. However, as tensions in the Middle East eased, the price retreated in line with the international trend. In the last two weeks, the price of gold has dropped by Rs. 14,200 per tola.

In the international market, spot gold was down 0.2 percent to $2,308.20 per ounce by 0934 GMT, while the US gold futures also dropped 0.3 percent to $2,316.30 per ounce.

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