Price of Gold in Pakistan Falls to Rs. 232,600 Per Tola

After a jump of over Rs. 7,500 per tola in just two days, the price of gold in Pakistan dropped by Rs. 1,900 per tola on Wednesday. According to the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) decreased by Rs. 1,900 per tola to Rs. 232,600 while the price of 10 grams declined by Rs. 1,629  to close at Rs. 199,417. Today’s decline is the first since August 12, the price of gold has risen by over Rs. 10,000 per tola since then. The increase in the price of the precious metal in recent days is largely due to the continuous depreciation of the Pakistani rupee against the US dollar. The rupee slid to a new record low of Rs. 299.63 against the dollar today. In the international market, spot gold rose 0.3 percent to $1,903.60 an ounce by 1136 GMT, while the US gold futures increased 0.4 percent to $1,932.60.