The price of gold in Pakistan registered one of its biggest single-day falls in recent months as it went down by Rs. 7,000 per tola on Tuesday.
According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) plummeted by Rs. 7,000 per tola to Rs. 270,500, while the price of 10 grams was down by Rs. 6,000 to Rs. 231,911.
Silver prices also fell in the local market, with 24-karat silver being sold at Rs. 3,250 per tola, down by Rs. 50 and Rs. 2,786 per 10-gram, down by Rs. 43.
In the international market, gold prices fell 1 percent to their lowest levels in almost two months as the US dollar soared ahead of economic data and comments from Federal Reserve officials that could shed light on the future interest-rate path under.
It is pertinent to mention here that the price of the precious metal hit an all-time high of Rs. 287,900 per tola last month. Gold is trading more than Rs. 17,000 per tola below the record high price.
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