Gold Hovers Around Rs. 240,000 Per Tola Despite Slight Decrease

The price of gold in Pakistan fell slightly on Monday but remains near the Rs. 240,000 per tola barrier. According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs. 700 per tola to Rs. 239,100 while the price of 10 grams dropped by Rs. 600 to close at Rs. 204,990. After hitting an all-time high of Rs. 240,000 per tola, the price of the precious metal dropped to as low as Rs. 204,000 on July 12. However, in recent weeks, the price of gold has risen sharply as the rupee depreciated against the US dollar. In the international market, spot gold rose 0.1 percent to $1,940.80 per ounce by 1200 GMT, while the US gold futures for December delivery increased by 0.03 percent to $1,967.50 per ounce.