Price of Gold in Pakistan Drops After Decline in International Market

After an increase in the previous two sessions, the price of gold in Pakistan decreased on Wednesday following the trend in the international market. According to the data released by All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) went up by Rs. 550 per tola to Rs. 216,850 while the price of 10 grams went up by Rs. 471 to Rs. 185,914. The price of gold had increased by Rs, 1,100 per tola on Monday and registered another increase of Rs. 300 per tola on Tuesday. However, despite the two earlier increases the price remains below the all-time of Rs. 218,600 per tola registered last week. The Pakistani Rupee (PKR) also held its ground against the US Dollar (USD) today. The local currency settled at 283.89, after an increase of Rs. 0.01. In the international market gold prices retreated below the key $2,000 level today. Spot gold was down 0.6 percent at $1,993.39 per ounce by 1410 GMT while US gold futures fell 0.7 percent to $2,005.80.