After posting minor gains a day earlier, the price of gold in Pakistan fell by Rs. 400 per tola on Wednesday.
According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) fell by Rs. 400 per tola to Rs. 240,600, while the price of 10 grams decreased by Rs. 343 to Rs. 206,276.
Gold has had a muted week so far with price remaining stable on Monday before going up by Rs. 700 per tola on Tuesday.
Despite trading much below the all-time high level of Rs. 253,000 per tola the the Sarafa Association has kept the price of gold under cost by Rs. 3,000 due to the reduction in purchasing power of the buyers.
In the international market, spot gold rose 0.1 percent to $2,330.07 per ounce as of 1010 GMT, while the US gold futures also went up by 0.1 percent to $2,350.00.
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