Price of Gold Falls to Rs. 233,000 Per Tola After Slight Decline

The price of gold in Pakistan began the new week with a decline of Rs. 1,500 per tola on Monday. According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) declined by Rs. 1,500 per tola to Rs. 233,000 while the price of 10 grams decreased by Rs. 1,286 to Rs. 199,760. The price of the precious metal crossed Rs. 235,000 per tola on Friday (August 25) but dropped by Rs. 1,000 per tola on Saturday before declining again today. However, despite the decline on Saturday, the price of the precious metal registered an increase of Rs. 7,700 per tola during the last week. The price of gold in Pakistan has surged in the last two weeks as the Pakistani rupee depreciated against the US dollar. The price of the precious metal that had dropped to Rs. 204,000 per tola on July 12 is now once again near the all-time high of Rs. 240,000 per tola registered on May 10. In the international market, spot gold was unchanged at $1,913.99 per ounce by 1000 GMT, while the US gold futures were up 0.1 percent to $1,941.10.