Gold Price in Pakistan Sets Record for Third Straight Day

The price of gold in Pakistan hit a new high for the third consecutive day on Thursday. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) soared by Rs. 800 per tola to hit Rs. 261,800, while the price of 10 grams was up by Rs. 686 to Rs. 224,451. This is third straight day that gold price has a new high, Tuesday saw the precious metal rise by Rs. 700 per tola to a new high of Rs. 260,700 while yesterday gold gained Rs. 300 per tola to surge to an all-time high of Rs. 261,000. Despite the price increase, the Sarafa Association said that the price of gold in the local market has been kept Rs. 3,000 per tola below its actual cost. In the international market, spot gold fell 0.2 percent at $2,507.32 per ounce, as of 1020 GMT, after hitting a record high of $2,531.60 on Tuesday, while the US gold futures were down 0.2 percent to $2,543.40.