Gold Rate in Pakistan Plunges Yet Again as International Prices Fall

The price of gold in Pakistan posted its second big fall in as many days on Tuesday due to a fall in international prices.  According to data issued by the All-Pakistan Gems and Jewelers Sarafa Association (APGJSA), the price of gold (24 carats) fell by Rs. 4,100 per tola to Rs. 274,300, while the price of 10 grams was down by Rs. 3,515 to Rs. 235,571.   Yesterday, the price of the precious metal in the local market went down by Rs. 4,300 per tola. Today’s fall takes the two-day decline in price to over Rs. 8,000 per tola.  In the international market, spot gold fell 0.3 percent to $2,633.99 per ounce, as of 1217 GMT today after falling by over 3 percent on Monday.  Gold has seen a lot of volatility in recent weeks. The price of gold in the local market rose by Rs. 15,300 last week. The rally came on the back of a massive fall in prices the previous week that saw gold fall to around Rs. 266,000 per tola level from the all-time high of above Rs. 287,000 per tola.